The Madani Deposit Plan is a new initiative proposed by the Ministry of Housing and Local Government (KPKT) to help young Malaysians aged between 21 and 40 buy their first property.
The ministry has included this plan in its budget wishlist for 2025.
Its main objective is to support the youth, especially those who have difficulty getting approved for bank loans due to insufficient documentation.
Housing Minister Nga Kor Ming noted that although 76.9% of Malaysian households are home owners, many young adults including recent graduates and gig workers are still struggling to afford property.
For homes below RM500,000, Madani Deposit will offer up to RM30,000. This is one of 33 recommendations worth around RM1 billion that KPKT made to the Ministry of Finance.
The ministry hopes that this program will increase the percentage of people who own homes and improve living standards across the country, along with other development initiatives such as recreational parks and electronic goods sales agreements.
