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66.5 million allocated to help young adults to own a house

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KUALA LUMPUR  –  A total of 436 applications worth RM66.5 million have been approved till October to assist young adults to own a house under the My First Home Scheme, the Dewan Negara was told today.

Deputy Finance Minister Datuk Dr Awang Adek Hussein said of them, 337 obtained housing loans amounting to RM50.1 million while applications from the rest were still being processed.

He said 175 of the successful borrowers were Chinese (52.5 per cent), 116 Malays (34 per cent) and 38 Indians (11.1 per cent).

The loans were approved based on the applicants’ capabilities and credit worthiness, he said when responding to a question from Senator Datuk S.Nallakaruppan here.

The scheme, which was launch in March last year, allows young adults to obtain 100 per cent financing from financial institutions, enabling them to own their first house without the need to pay a 10 per cent down payment.

Meanwhile, Deputy Rural and Regional Development Minister Datuk Joseph Entulu Belaun said 3.2 million people had benefited from basic rural infrastructure projects under the National Key Result Areas (NKRA) from January 2010 till October this year.

He said 3,036.58 km of rural roads were built during the period for the benefit of 1.5 million people while clean water was delivered to 211,779 homes for one million people.

Electricity had been provided to 82,871 homes for the benefit of 414,355 people while 45,232 houses had been upgraded involving 226,160 people, he said when replying to a question from Senator Toh Puan Zaitun Mat Amin. — Bernama