SHAH ALAM, Oct 12 — Financing difficulties faced by buyers of Rima Riang Apartment in PJS1, Petaling Jaya, are expected to be addressed through the implementation of the Rent-to-Own (S2OWN) scheme, involving 44 residential units from as early as next year.
State executive councillor for housing and culture Datuk Borhan Aman Shah said the scheme will offer homes priced at RM42,000 per unit to help those in the B40 income group who struggle to obtain bank loans to own a home.
“We will launch this programme in Petaling Jaya, covering 44 units priced at RM42,000 each. We will offer them to the B40 group so they can live in the homes, pay rent, and eventually own them.
“We plan to implement this early next year. They can move in and make rental payments consistently before eventually owning the homes,” he said.
Borhan was speaking to the media after officiating the National Housing Symposium, which brought together housing agencies from eight states, today.
He added that the S2OWN scheme will enable participants to occupy the homes and make regular rental payments before obtaining ownership of the properties.
This approach provides an alternative for low-income earners who face financing constraints when purchasing homes outright.
Previously, the issue involving Rima Riang Apartment had dragged on for more than two decades before the original buyers began receiving their keys and moving into their homes in October last year.
However, difficulties in securing bank loans remain a major obstacle for some buyers seeking to complete the home ownership process.
In September, the PJS1 Block E Homes and Shops Action Committee also raised concerns over financing difficulties that had continued to delay the transfer of property ownership.
The S2OWN scheme by the state government is expected to pave the way for a resolution to the issue, while helping those affected to own their homes.
