In light of Budget 2023 that was re-tabled this past February, first-time home buyers are expected to benefit as stamp duty exemptions and assistance for gig economy workers to obtain mortgages greatly increases their purchasing power.
Juwai IQI co-founder and CEO Kashif Ansari expresses optimism towards the egalitarian approach to the budgetary measures in terms of affordability and in meeting growing housing needs.
“There are more than four million gig workers in Malaysia, and these individuals usually have no fixed income. That makes it hard for them to obtain a traditional mortgage from a bank to buy a home. The housing credit guarantee for gig workers will help as many as 20,000 Malaysians buy their own home and take a giant leap forward in creating financial security for their families,” he said.
He adds that “”…there should be as little friction as possible when it comes to buying or selling your home. It’s a stressful transaction and one of the largest most people will ever make in their lives. Exempting buyers from stamp duty eliminates one of the difficulties.”
The barriers to owning homes are further relaxed as RM2.2 billion will be allocated towards building new affordable housing and further financial aid will be provided to low-income housing initiatives, PPR chief among them.
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