RENT-TO-OWN SCHEME EXTENDED TO RESIDENSI RAKYAT PROGRAMME - KPKT

KUALA LUMPUR, Nov 26 (Bernama) -- The Rent-to-Own (RTO) scheme will be extended to the upcoming Residensi Rakyat Programme (PRR), set to launch next year, announced Minister of Housing and Local Government, Nga Kor Ming.

He explained that the scheme, designed for applicants or potential buyers who cannot secure financing from financial institutions, is part of a proactive effort by the Ministry of Housing and Local Government (KPKT) to promote gradual homeownership.

"This initiative also offers young people entering the workforce the opportunity to own a home by renting for a specified period, after which they can choose to purchase the property," he explained during the winding up of the Supply Bill 2025 debate at the committee stage in the Dewan Rakyat today.

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He also highlighted that KPKT is implementing various initiatives, including the Housing Credit Guarantee Scheme, where the government guarantees financing up to RM500,000 for first-time homebuyers, targeting those without a fixed income and those from low- to middle-income groups.

Additionally, the Home Ownership Campaign 2.0, which offers stamp duty exemptions on transfer and financing agreements for first-time homebuyers purchasing properties valued up to RM500,000, will be available until Dec 31, 2025.

Nga also reported that as of Sept 30, a total of 25,903 units of residences under the National Housing Corporation (SPNB) had been sold, with 19,909 units, or 76.9 percent owned by young people.

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He further noted that 44,983 units, or 65 percent of the 69,205 Affordable Housing (RMM) units built, were also owned by the youth.

In addition, 25,030 out of 41,671 units, or 60.1 per cent of RMM homes sold by PR1MA, were owned by young people. This does not include joint venture projects carried out by PR1MA.

-- BERNAMA