Young adults in Malaysia are eager to acquire their first homes under the My First Home programme. However, they are worried that they might have difficulty handling the monthly payments, due to the high cost of living.
Cheaw Wen Guey, a Malacca Multimedia University Research Officer who earns around RM2,100 a month, said he would be comfortable in a home in the outskirts of Kuala Lumpur, provided there was easy access to public transport.
“There should also be other amenities like supermarkets located nearby,” said the.
“For those who earn over RM3,000, the loan amount can be reduced accordingly,” said Nick Ong, a 27 year-old IT consultant. “Likewise, (for) those who earn below RM3,000 (they) can still get the 100 percent loan. I think this is fair.”
Sindhu Kumar, a 27 year-old software engineer, suggested that those who purchased their homes prior to the implementation of the initiative should be allowed to have their loans worked into the scheme.
“This scheme is good, as it encourages younger people to buy homes sooner,” he said.
Chang Kim Loon, Secretary General at the Home Buyers Association, said the scheme ensures adequate, affordable homes and encourages home ownership.
“However, the homes should be fairly located, with proper infrastructure and public transport,” he said.
Kwan Foh Kwai, President of the Malaysian Master Builders Association, "estimated that homes costing RM220,000 will have an average area of 850 sq ft."
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