By Thivyamalini Ramalu

KUALA LUMPUR, Oct 6 -- The opportunity to enable the below 40 per cent (B40) income group to own homes should be emphasised in the upcoming 2020 Budget by taking into account the financial constraints faced by the group.

A chief executive officer of a private company, Adzman Shah Mohd Ariffin said this was because the ability of the B40 group to own homes was quite limited and they were more focused on renting homes.

“There are several layers of people’s profile who wish to own homes, for example, namely from the B40, middle 40 per cent (M40) income group and newly married couples. The B40 group, they prefer to rent first and buy when they can afford it,” he said when contacted by Bernama.

Adzman Shah also urged the government to review the target to build one million affordable housing units in terms of actual demand to help these people.

“Lately, the country's housing sector has been facing high house prices and unsold houses, but based on various government initiatives with the anticipated announcement (regarding the housing sector) in the 2020 Budget, ownership opportunities are expected to improve over the next five years if the B40 income level goes up,” he pointed out.

 Meanwhile, Universiti Putra Malaysia (UPM) Faculty of Human Ecology Dean Prof Dr Ahmad Hariza Hashim said the disparity in the construction of homes catering only for the luxury market has to be reduced to meet the demand of all groups.

“What is happening in Malaysia is that homes built do not match the demand. The houses built only meet the requirements of certain groups.

"The most important thing to look at is in terms of the people’s income, whether or not they are able to afford a home and pay for it in the long run," he said.

He, however, advised individuals to save money first instead of rushing to buy a house and face debt problems at a young age.

“They can own a house when they are financially stable. (This is because) house prices can rise sharply due to high demand, thus putting pressure on the housing market,” he said.

A draftsman in an architectural firm, Nurul Fatihah Md Yusof, 29 said the younger generation mostly hoped that the minimum eligibility for affordable home applications would be lowered.

 “Many young people migrate to the city after completing their studies and get a permanent job. Instead of paying expensive rent, it is better if they have their own home and pay house installment.

“But, what is frustrating is that home ownership eligibility conditions make it difficult to apply… at the same time they do not want to burden their parents for financial help, so their desire to own their own homes has to be postponed," she said.

 An engineer, S. Vignesh said that although he owned a house in Rawang, the area was far from his workplace in Petaling Jaya (PJ).

“Home prices are expensive in Petaling Jaya, so I looked for a small and affordable house a little further to commensurate my salary. I live with a large family, so it is my responsibility to provide a comfortable home for them.

 “Perhaps, the government or developer should review the price of affordable house and assess the people based on their earning capacity,” he added.

-- BERNAMA