It appears that the Rent-to-Own (RTO) scheme will be getting a few upgrades sometime in the near future. According to Deputy Local Government Development Minister Akmal Nasrullah Mohd Nasir, the ministry is prepared to work with various agencies and the private sector as well as financial institutions to expand the scheme to more people.
“The government has decided to expand the RTO scheme to enable more people, especially the B40 and M40, to own houses,” he told Rushdan Rusmi (PN-Padang Besar) during the Minister’s Question Time.
According to reporting by The Star, Rushdan had asked the ministry whether the RTO concept for first-time house buyers will be receiving any support from financial institutions or through government agencies such as the Syarikat Perumahan Negara Berhad (SPNB), 1Malaysia People’s Housing Programme (PR1MA) or cooperatives.
The Local Government Development Minister had said that the RTO scheme was introduced in 2017 to assist the B40 group as they are the demographic that has the most difficulty in securing financing from the financial institutions.
He also mentioned that the RTO scheme has been implemented in 18 People’s Housing Projects (PPR), which involves around 7,234 housing units thus far.
“As of Sept 30 this year, a total of 5,620 families nationwide were offered this scheme. The government is committed to providing affordable housing programmes to improve the people’s wellbeing, and to ensure that every citizen has a place to live,” the minister said.
