Series of discussions to harmonise standard, price of affordable homes

PUTRAJAYA: The urban wellbeing, housing and local government ministry has held two series of discussions with state governments to harmonise the standard and price of affordable houses nationwide.
Its minister, Datuk Abdul Rahman Dahlan (pix) said the outcome of the discussions, via joint committee meetings of the state housing excos will be submitted to the National Housing Council for approval before it is announced," he said in a statement here today.
Referring to the report of a study issued by Bank Negara Malaysia (BNM) on the capability of owning a house in this country, Abdul Rahman said his ministry lauded the study and urged housing developers and other housing agencies to use it as a guide in constructing houses.
The BNM study, as reported in a newspaper today, found that an affordable house bought by Malaysians was priced at RM356,803, with an average monthly payment of RM1,550.
This is much lower compared to an affordable residence as defined by developers and property agents, namely, RM500,000.
The BNM study also found that after expenditure and savings from a net income, Group B40 could only afford a house of around RM50,000, with a repayment of RM217 a month.
The BNM study found Group M40 generally could afford to buy a house at a maximum price of RM265,100, with a monthly repayment of RM1,151.
In the meantime, Abdul Rahman said the government, via the National Housing Council and several committees set up, always discussed to ensure the housing industry remained competitive with affordable and stable priced homes, and the houses comfortable to stay in. — Bernama