Malaysia’s house price is 2 times more than the
ideal affordable house price in key urban areas, according to Bank Negara
Annual Report 2015. Because of this, our house prices are deemed “seriously
unaffordable”, while houses in Kuala Lumpur and Pulau Pinang take it a step
further by being “severely unaffordable”.
In light of this, our government has since 6 April 2016 allocated RM200 million to MyDeposit programme to partially offset the down payment for people who aspire to own their first home. On the face of it, it looks like another round of free cash giving campaign. However, we would want you to understand the full details of this initiative, given that this initiative has relatively small target group.