Gov't initiatives enable citizens to own homes

THE government has introduced several efforts for citizens to own their own homes whereby several initiatives were introduced last year.

Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Hj Abdul Rahman Hj Ibrahim, the Minister of Finance II, spoke of three initiatives during a reading of the estimated National Budget for the 2013/2014 fiscal year yesterday.

The initiatives were announced and implemented during His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam's 66th birthday where His Majesty the Sultan announced the provision of three loan facilities that would further realise the monarch's wish for every Bruneian to own a home.

"No premium charge for the renewal of land lease that does not exceed one acre, which is, or will be, developed for residential purposes, effective July 15th 2012," said the Minister of Finance II.

The policy is intended for the underprivileged and applies to landowners under the Land Special Conditions: Agriculture and Housing.

In a previous report, the Acting Deputy Commissioner of Lands, Zarina Abu Adenan said, "There are people who have land in urban areas and at strategic locations but due to their economic background they can't pay the premium."

"And some will have no finances left to build a house after paying such a high premium," who explained the reasoning behind the land lease exemption. She also said that exemption "is not automatic" as applicants would need to apply and attach an exemption form with their land lease extension form.

The second initiative mentioned by Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Hj Abdul Rahman was the housing fund scheme for TAP (Employees Trust Fund) members of low income where he said that it was first allocated $20 million.

"It aims to encourage the public, especially citizens who are TAP members that have yet to own their own home and not receive government pension, to own their own home, according to the capability to cultivate a habit of saving".

During the second day of the Ministry of Finance's Customer Appreciation Day, TAP Assistant Manager of Corporate Communications, Muhd Akhimullah Abu Bakar said that 447 members of TAP have registered for the housing fund scheme since it was launched in July 2012.

The third initiative mentioned was the review of the Housing Loan Scheme at Jabatan Perbendaharaan where Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Hj Abdul Rahman said that it is adapted to circumstances and current needs.

Senior Finance Officer from the Treasury Department at the Ministry of Finance, Norashikin Hj Abd Hamid said during the third day of the Ministry of Finance Third Customer Appreciation Day that the aim of the housing loan scheme is to encourage government officials and staff to possess their own residence at the beginning of their service.

"The loans are approved for building houses, buying a ready-built house from someone else or a developer, buying land that costs a maximum of two years of salary, housing renovations and repairs and to settle the cost of building or buying a house that was paid with a bank loan or financial institution,"said Norashikin during the Housing Loan Scheme talk.

Dipetik dari - The Brunei Times