KUALA LUMPUR, Oct 25 — Malaysia has RM22.5 billion worth of houses unsold, Housing and Local Government Minister Zuraida Kamaruddin said today amid rumbles of discontent from the middle class who say they cannot afford them.

She said 73 per cent of this overhang is categorised as affordable homes and priced below RM250,000, adding that the government would introduce programmes next year to better promote their sale.

“Insyaa Allah we will have programmes to sell the overhang houses houses worth up to RM22.5 billion to the public. Up to 73 per cent of the homes are categorised as affordable homes priced below RM250,000.

“In January we plan on organising a home ownership exposition to sell these homes. We will also discuss with Bank Negara and investment houses where they said they agree to assist in home financing scheme so buyers will have some leeway on obtaining approval,” the minister said in the Dewan Rakyat.

Zuraida said the government’s affordable housing policy will focus on the B40 group and first-time home buyers to ensure they get loans without overextending their debt.

She added that the government will also discourage those who cannot afford these homes from making purchases.

Asked by backbencher Bukit Bintang MP Fong Kui Lun if the government will provide any assistance or grants for those who failed to get financing, Zuraida that is not ideal as it is not sustainable.

Instead, she said the government will waive legal fees and increase the loan repayment time for first-time home buyers.

She also said the government will implement a rent-to-own scheme for first-time buyers in her reply to Barisan Nasional’s Kepala Batas MP Datuk Seri Reezal Merican Naina Merican.

“This is part of our plans to ensure the B40, especially the first time home buyers will be able to own a home. They will rent for a period between three to five years and the money will be converted [as a deposit] as the property value appreciates.

“There are also banks who have agreed to be the designated banks for the rent-to-own scheme. The loan will also be adjusted according to the buyers' salary scale.

“After a few years of renting or owning the home, the rates will be adjusted if their salaries have increased,” said Zuraida.