Summary
- Penang targets 22,000 rent-to-own homes by 2030.
- Monthly payments start at RM250 with zero interest.
- RM49.26 million allocated to acquire 1,133 affordable housing units.
GEORGE TOWN, November 5 — Penang aims to provide 22,000 rent-to-own homes by 2030, with monthly payments starting at RM250, state executive councillor S. Sundarajoo said.
Responding to housing concerns raised during the State Assembly, Sundarajoo said eligible applicants could purchase homes through interest-free agreements lasting 15 to 20 years.
The state has allocated RM49.26 million to acquire 1,133 affordable housing units across five projects, potentially benefiting 4,000 to 5,000 residents.
Meanwhile, 3,656 active Rumah MutiaraKu applications remained in the state’s housing system as of October 16. The scheme aims to help lower-income households facing financial difficulties.
Or challenges securing conventional bank loans. Eligible buyers can obtain ownership after completing all payments, subject to the terms and conditions of their agreements.
