KUALA LUMPUR: A weak credit record, high-risk profile and insufficient documents to support their repayment ability are some of the reasons that have made access to funding for home purchasers difficult.

       Housing and Local Government Ministry (Housing and Community Wellbeing) deputy secretary-general Datuk Azhar Ahmad said those without a fixed income and were involved in the gig economy were also finding it difficult to access financing facilities to buy homes.

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

       For example, gig economy workers do not have fixed incomes whereby their income 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.

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

       “Financing is important. If we have the products (housing in this case) and there is no financing facility which is accessible to the potential buyers, the process will be insufficient,” he said in a press conference on Tuesday (April 12).

       “We have the houses and products but no buyers, especially among the B40 and M40 group who have problems accessing financing to buy a house,” he added.

       The government will be launching the i-Biaya initiative which provides three financing schemes on Thursday (April 14).

       The three schemes are the My First Home Programme by Cagamas SRP Bhd, Credit Scheme by Syarikat Jaminan Kredit Perumahan(SJKP) and the Rent to Own Scheme for 1Malaysia Housing Programme (PR1MA) homes.

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