KUALA LUMPUR: Three young Malaysians were delighted when their dream of owning homes became a reality with the assistance of Yayasan My First Home (YMFH).
Aged 23 to 29, they registered with the Selangor Housing and Land Authority to be included in the affordable housing scheme and were offered houses in the Bukit Rahman Putra project in Sungai Buloh, which cost RM42,000 in 2020.
However, all three failed to obtain housing loans from financial institutions and had to turn down the offer despite numerous appeals to the banks.
“It was at the end of 2022 when the Selangor Housing and Land Authority contacted us and asked if YMFH would be interested to assist the buyers,” said YMFH general manager Nambee Ashvin Nambiar.
“We immediately acted on their applications by writing to the Housing and Land Authority and indicating that we will support the buyers by financing the house purchase. We then contacted the developer to find a solution for them.”
Nambee said they were fortunate that the developer, Sabna Development Sdn Bhd, shared the same values as YMFH in wanting to assist Malaysians in the B40 group to own homes.
“If all the stakeholders in the ecosystem, such as the banks, developers and state public housing authorities, can come together to assist aspiring homebuyers who failed to get a housing loan, I believe we can make progress in addressing the affordable home ownership issue in Malaysia.
“Everyone needs a safe space called home. As young people, the three applicants would want to start a family soon and would need to have their own house. This is why the YMFH board went in to support them.”
The success was the second of its kind for YMFH. Last year, it assisted six squatter families who similarly failed to get housing loans.
YMFH hopes to reach out to more developers and housing authorities to work with them in assisting Malaysians in vulnerable groups to own their first home.
“We aim to assist as many as 150 Malaysians this year.
“And if anyone out there have issues getting a housing loan under the low-cost housing category or those in the squatters’ category, please reach out to us for assistance.”
YMFH was founded by Berjaya Corporation Berhad chairman Tan Sri Vincent Tan and was launched in 2022. It aims to promote and facilitate the development of affordable housing and home ownership by the B40 group, including squatters and the indigenous community.