IPOH: The Ministry of Housing and Local Government (KPKT) is committed to focusing on efforts to help young people own homes through the MADANI Deposit scheme.
The MADANI Deposit, aimed at youths aged between 21 and 40, is one of 33 proposals forwarded by the ministry to the Ministry of Finance for Budget 2025.
Minister Nga Kor Ming said that 76.9 per cent of families in the country currently possess their own house and though that figure is impressive, the focus is now on young people struggling to buy a first home.
“Owning a home is the dream of every Malaysian…the government is aware that for young working adults like fresh graduates, including those in the gig economy, their main problem is bank approval due to lack of supporting documents to secure a loan.
“The maximum MADANI Deposit for each house is RM30,000 for a house priced not more than RM500,000,“ he told a press conference after opening the 2024 Perak DAP Socialist Youth (DAPSY) Ordinary Convention here today.
Therefore, Nga said he hoped the initiative would be accepted by the Ministry of Finance so that the government could further increase the rate of home ownership in the country.
On Aug 21, KPKT submitted 33 proposals to the Ministry of Finance, amounting to nearly RM1 billion for the 2025 Budget.
These proposals include the development of 100 MADANI Recreational Parks, MADANI Deposit, reservoir transformation, electronic sale and purchase agreements, and e-stamping to enhance the well-being of the people.
