The Ministry of Housing and Local Government (KPKT) is ramping up efforts to assist young Malaysians in achieving homeownership through the Madani Deposit Scheme, an initiative designed for youths aged 21 to 40. This program is one of 33 proposals submitted by KPKT to the Ministry of Finance for Budget 2025.
Housing Minister Nga Kor Ming emphasized that while 76.9% of Malaysian families already own homes, the focus now is on supporting young people who face difficulties securing their first property, especially due to challenges in obtaining bank loans. This issue is particularly prominent among fresh graduates and gig economy workers, who often lack sufficient supporting documents for loan approvals.
To address this, the Madani Deposit Scheme offers up to RM30,000 in down payment assistance for homes priced at RM500,000 or less, making it easier for first-time buyers to secure a property. Nga is optimistic that this proposal will be accepted by the Ministry of Finance, further boosting homeownership among Malaysia’s younger generation.
This initiative is part of a broader set of proposals, including the development of 100 Madani recreational parks, reservoir transformations, and the introduction of electronic sale and purchase agreements and e-stamping systems, all aimed at improving the quality of life for Malaysians.
