Minister Abdul Rahman Dahlan said the outcome of the discussions, via joint committee meetings of the state housing excos, would be submitted to the National Housing Council for approval before it is announced.

Referring to a report of a study issued by Bank Negara Malaysia (BNM) on the capability of owning a house in this country, Abdul Rahman said his ministry lauded the study.

He urged housing developers and other housing agencies to use it as a guide in constructing houses.

The BNM study found that an “affordable house” bought by Malaysians was priced at RM356,803, with an average monthly payment of RM1,550.

This was much lower than the “affordable residence” defined by developers and property agents, at RM500,000.

The BNM study also found that after expenditure and savings from net income, Group B40 (bottom 40% household income group) could only afford a house of around RM50,000, with a repayment of RM217 a month.

The BNM study found Group M40 (whose income is between RM3,860 and RM8,320) generally could afford to buy a house at a maximum price of RM265,100, with a monthly repayment of RM1,151.

In the meantime, Abdul Rahman said the government, via the National Housing Council and several committees set up, always held discussions to ensure the housing industry remained competitive with affordable and stable-priced homes, and the houses were comfortable to stay in.

– BERNAMA