Grab chance to own houses, Gerakan Youth Press Statement by Gerakan Youth National Deputy Chief Oh Tong Keong

Gerakan Youth has urged the people, especially young working adults, to grab the opportunity to own houses instead of renting following the introduction of the My First Home Scheme launched by Prime Minister Datuk Seri Najib Razak.

Gerakan Youth deputy chief Oh Tong Keong said the repayment period of up to 30 years was better than paying monthly rentals because at the end of the period the house belonged to you.

“While it cannot be denied that after purchasing a house or an apartment, we have to tailor our spending according to our budget, the Scheme is definitely a positive step towards achieving home-ownership for many people,” he said in a statement, adding that rentals for houses or apartments today were becoming more expensive.

However, Oh, who is also Penang Gerakan Youth chief, expressed the hope that the authorities concerned would take concrete measures to help lower the prices of houses, especially those in urban and suburban areas.

He said prices of houses, particularly those on Penang Island, were so expensive that they were beyond the read of average-income earners.

“There have been cases where investors, foreign and locals, made tons of ringgit when a housing project is launched. This is because the price of apartments concerned would spiral when the project is completed, leaving prospective buyers beyond the financial means to buy,” he added.

Hence, Oh also hoped that the “build-first and the buy” scheme to be introduced for housing projects would be speedily pursued and implemented.

Under the My First Home Scheme, which was launched by Prime Minister Datuk Seri Najib Tun Razak on Tuesday, those earning less than RM3,000 a month can obtain up to 100% financing. This will enable them to buy houses costing between RM100,000 and RM220,000 with a repayment period of up to 30 years.

Besides that, Oh also said that the Gerakan Youth proposes that the Government should increase the financing limit to RM300,000 for those who wants to purchase homes in urban areas due to the high costs of the properties.

Thus, the Gerakan Youth deputy chief urged young Malaysians to grab the opportunity to buy their own houses especially the newly-weds that are starting their own family.




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