IPOH: The Housing and Local Government Ministry hopes the Madani Deposit initiative will be tabled in the coming Budget 2025, says Nga Kor Ming.
The Minister said the focus was to help young adults who had just graduated and started working to own their first home.
He said the initiative was among the 33 proposals submitted to the Finance Ministry.
“The young working adults especially face issues securing bank loans due to lack of supportive documentation.
“The Madani Deposit proposal will help first-time home buyers aged between 21 and 40 to pay a deposit with a maximum value of RM30,000 for a property not exceeding RM500,000,” he said after opening the Perak DAP Socialist Youth (Dapsy) convention at a hotel here on Sunday (Sept 29).
“Currently, an impressive 76.9% of Malaysian families own their own homes.
“If this proposal goes through, I am sure the number of Malaysians owning a home will increase as well,” he added.
Nga said a mechanism would ensure that the money was used only to purchase a house.
“Their deposit will be released only to the housing developer’s accounts.
“If this proposal comes through, the initiative can start from next year, for a period of three years,” he added.
