The enhancement of the loan scheme under the Housing Credit Guarantee Corporation (HCGS) through the financing guarantees of up to 120 per cent of the house price, valued up to RM300,000, will help people realise their dream of owning their own home.

Deputy Local Government Development Minister Akmal Nasrullah Mohd Nasir said the move was particularly beneficial to those who were previously prevented from owning their first home due to financial constraints.

“When the guarantee is increased to 120 per cent, it allows borrowers who have previously been deterred from obtaining the loan to buy a house,” he said at the launching the Johor Property Expo (JPEX) 2023 at Padang Akasia, Angsana Johor Bahru Mall here today.

The expo was launched by Johor Menteri Besar Datuk Onn Hafiz Ghazi.

Earlier, Prime Minister Datuk Seri Anwar Ibrahim said the 120 per cent guarantee would cover all homeownership costs through the loan, including the principal financing amount, legal fees, valuation fees, insurance, furniture purchase, and renovation costs.

Source: BERNAMA News Agency