The recent Budget 2025 announcement introduced significant support for Malaysiaโs aspiring homeowners. Under the RM10 billion Housing Credit Guarantee Scheme (SJKP), 20,000 first-time home buyers will receive financial assistance, particularly those who often face hurdles in securing home loans, such as gig workers and recent university graduates.
Housing and Local Government Minister Nga Kor Ming highlighted the SJKPโs role as a step toward the governmentโs โshelter for allโ aspiration, with the scheme offering an opportunity for Malaysians to own their homes without the typical financial obstacles.
Tax Relief for First-Time Home Buyers
To ease financial burdens further, Budget 2025 also includes tax relief on housing loan interest payments:
- Up to RM7,000 for homes priced below RM500,000.
- Up to RM5,000 for homes between RM500,000 and RM750,000.
This initiative, available from January 1, 2025, to December 31, 2027, encourages first-time buyers to enter the housing market.
Additional Affordable Housing Developments
The Ministry of Housing and Local Government (KPKT), with a budget of RM5.934 billion, aims to support affordable housing through various developments:
- 5,400 units of Rumah Mesra Rakyat (RMR) by Syarikat Perumahan Negara Berhad (SPNB) at RM70,000 per unit (with RM20,000 subsidies).
- Expansion of the Peopleโs Residency Programme (PRR) in Kampung Linggi, Negeri Sembilan, and Seberang Perai Tengah, Penang.
Improved Strata Housing Maintenance
The 2025 budget introduces an improved maintenance policy, allocating RM185 million for low- and medium-cost strata housing upgrades, and RM88.1 million specifically for replacing outdated elevators, lighting, ceilings, and flooring.
These combined initiatives reaffirm the governmentโs commitment to improving housing accessibility and affordability, benefiting first-time buyers and advancing the nation toward a future where quality housing is within reach for all Malaysians.
