B40 group focus of Budget 2017

DEPUTY Finance Minister Datuk Lee Chee Leong said the 2017 Budget will reflect the government’s aim to improve the wellbeing of the bottom 40% household income group (B40).

He said the 1Malaysia People’s Aid (BR1M) programme and affordable housing will also be among the focus points of the Budget, to be presented on Oct 21.

Lee said Finance Minister II Datuk Johari Abdul Ghani had earlier met top officials from Bank Negara Malaysia and four commercial banks to come up with solutions for more people to own houses.

Despite complaints about the difficulty in getting housing loans from banks, Lee said banks look at the applicant’s net income, after deducting car and personal loan instalments, and credit card debt to determine whether a home loan should be approved.

Given that house prices have soared in the last few years, and the less-than-ideal starting salaries for graduates, he urged prospective first-time house buyers to instead save their money now and consider buying a house only after getting married, when they could apply for a home loan jointly with their spouse.

It would be easier for them to get their loan applications approved this way, he said.

In an interview with China Press published yesterday, Lee said the coming Budget will be people-oriented.

He said based on the government’s assessment, the BR1M programme could help the people.

The public also felt that the programme should be continued, he added.