This New Housing Scheme Will Help Youths Save Money To Buy Houses In The Future
4,800 units of studio apartment will be built for youths by the Ministry of Urban Wellbeing, Housing, and Local Government
In a report by Free Malaysia Today (FMT), the Minister of Urban Wellbeing, Housing and Local Government Noh Omar, said that the apartments will be built on the ministry's land in the Batu district in the outskirts of Kuala Lumpur.
Batu district is located about 20-30 minutes from the city center and is well connected to other parts of the city, thanks to the KTM train service.
The revolutionary project will be called the 'Youth Transit Apartment Project' and its first phase would begin in July. It will see the construction of two-bedroom units with sizes ranging from 450 to 650 square feet.
Tenants will have to pay RM800 for rent per month and the maximum rental period is five years for each tenant.
What's great about this housing scheme is that RM300 out of the RM800 that tenants pay monthly, will be saved by the government until the end of the five-year rental period. This will help them save money to buy a house after that.
"If the tenant meets the terms of the agreement and pays the rent every month on a regular basis, we will return his 'savings' of RM18,000, which will allow him to rent a house or use it as a deposit to buy a new home… that's our goal," explained Noh, in the FMT report yesterday, 17 April.
The ministry decided on the rental after looking into the rental rates for studio apartments in the the same area.
Noh also took the opportunity to announce that the ministry will be extending the 10% ownership quota of the Public Housing Project (PPR) for ministry's staff
Ministry staff who are earning RM3,000 and below a month are eligible for the scheme and can apply for the PPR Seri Aman, Jinjang, Kepong Utara, PPR Lembah Subang 1 and PPR Lembah Subang 2, starting 17 April.
FMT also reported that Noh had launched the National Housing Management System (SPRN), which is an online system Malaysians can use to apply for government housing projects effective 2 May 2017.