KUALA LUMPUR: A slew of reasons such as weak credit record, high-risk profile and insufficient documents to support repayment ability are among the factors that have made it difficult for potential homebuyers to gain access to financing facilities.

       Housing and Local Government Ministry deputy secretary-general (housing and community wellbeing) Datuk Azhar Ahmad said those in the gig economy industry and did not have a fixed monthly salary were also finding it difficult to access home financing.

       “There are groups wiling to pay but the banks cannot approve (their applications) because they don’t have the supporting documents,” he said.

       “Examples being gig economy workers whose incomes may vary every month. Then we have small traders such as night market operators, street vendors, fishmongers and others who do not have payslips but have the purchasing ability,” he added.

       Azhar was citing the reasons why certain potential homebuyers were having difficulty securing financing.

       He said Prime Minister Datuk Seri Ismail Sabri Yaakob had instructed Bank Negara to look into existing financing schemes to ease access to funding, especially from the aspect of the risk-profiling of potential buyers and to study the feasibility of a flexible funding scheme.

       “Financing is important. If we have the products for housing but there is no financing facility accessible to the potential buyers, the process will be insufficient,” he said yesterday.

       “We have the houses and products but no buyers, especially from among the bottom 40 and middle 40 groups.”

       The government will be launching the i-Biaya initiative, which provides for three financing schemes, tomorrow.

       The three schemes are the My First Home Programme by Cagamas SRP Bhd, Credit Scheme by Syarikat Jaminan Kredit Perumahan and Rent to Own Scheme for 1Malaysia Housing Programme homes.

       The programme will be launched by Housing and Local Government Minister Datuk Seri Reezal Merican Naina Merican and Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

       i-Biaya is part of the Housing and Local Government’s Home Ownership Programme, which also supports the government’s aim to prepare 500,000 affordable homes in line with the 12th Malaysia Plan.