Plan to spruce up My First Home Scheme

SUBANG JAYA: The government is revisiting the My First Home Scheme a year after it was introduced to make it more appealing for young working adults to own their first home.

Deputy Finance Minister Datuk Donald Lim Siang Chai said the committee has been formed to look into the matter.

"There are issues pertaining to land, but we will come to a conclusion soon on this matter so that the scheme can go through without any problems," he told reporters after the launch of Job Hunt Group of Companies website here yesterday.

Recently, Syarikat Perumahan Nasional Bhd urged the government to review the concept and effectiveness of the scheme.

It said the government should consider reducing the housing loan interest rate and extending the repayment period to cater to the needs of the low-income families.

Lim did not say when the revised scheme would be implemented, but said that the Ministry will assist in terms of bank loans.

My First Home Scheme was first announced in Budget 2011 to assist first time homebuyers under 35 years old with a gross income not exceeding RM3,000 per month to own their home.

The scheme allows young adults to obtain up to 100 per cent financing from participating banks to purchase their first home. Starting January this year, the price limit of residential property under this scheme has been increased from RM220,000 to RM400,000.

Earlier at the launch, Lim said human capital development through pro-active training with industry experts is the answer to strategic goal and sustainable growth.

"According to a study by the World Bank in 2010, the productivity of Malaysian employees was at US$15,000 (RM45,900) per employee per year, compared with the United States' US$103,000. This is an area that must be improved," he said.

Job Hunt Sdn Bhd is organising the international sales seminar, "Selling to a World on Hold", to motivate and train employees in the country to achieve greater market equity and sustainable growth.

Job Hunt executive director Datuk Michael Wong expects 1,000 participants to attend the seminar and so far, over 200 people have confirmed their attendance.

Globally acclaimed sales guru, Bob Urichuck, will be present at the seminar to offer inside tips and strategies to improve sales of organisation.

By Business Times