B40 group fo­cus of Bud­get 2017

The Sun (Malaysia) - - NEWS WITHOUT BORDERS - BY KONG SEE HOH

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.

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