PERSATUAN Indonesian Realestate Companies (REI) supports the new subsidized KPR financing scheme proposed by Bank BTN. REI assesses the potential to grow new sources of banking financing to encourage the acceleration of national housing development.
“We believe that low-income people (MBR) as debtors of subsidized housing have the opportunity to grow their income in 5-10 years following buying a house,” said REI DPP General Chair Joko Suranto during REI’s 52nd anniversary celebration in Labuan Bajo, East Nusa Tenggara, Friday (26/4).
The new subsidized home mortgage scheme proposed by Bank BTN includes a reduced tenor which currently reaches 20 years. “Cutting the tenor from 20 years to 10 years can be done. “Apart from that, the interest difference subsidy pattern can also be implemented,” explained Joko.
The General Chair of REI highlighted the endowment fund scheme for funding housing development programs. According to Joko Suranto, other sources can also be obtained from BPJS, the Hajj Financial Management Agency (BPKH), or waqf funds.
“These funding sources can be placed in banks as companion funds so that the cost of funds can be lower. “That way, mortgage interest rates will also be more controlled because the funding source is cheap,” he explained.
Joko believes that if the alternative source of funding can be rolled out, the banking ability to support housing finance will be better.
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“We are both thinking regarding efforts to accelerate, lighten and make things easier for people who don’t have a house. “As many as 12.7 million heads of families have not had the opportunity to own a house, so we encourage the housing provision program to become a national priority program,” said Joko.
On the same occasion, Bank BTN Consumer Director Hirwandi Gafar said that his party was proposing a change to the subsidized KPR scheme from the Housing Financing Liquidity Facility (FLPP) KPR scheme to an interest difference subsidized KPR scheme.
In the future, subsidies for MBR housing will come from endowment funding from investment returns. For a period of 10 years to 15 years, he said, the government will continue to allocate funding from the APBN for KPR FLPP as an endowment fund. However, this is supplemented by other sources of funding.
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“In time, the government will no longer need to fund it from the APBN because the endowment fund will subsidize the FLPP KPR,” he said.
Hirwandi believes that the current subsidized KPR loan term of 20 years is too long. In fact, people’s income tends to increase. “We are trying to simulate only around 3%, so that in the 10th year at the latest, consumers of subsidized housing will be able to absorb market interest rates,” said Hirwandi.
According to him, ideally the mortgage tenor that receives subsidies is only up to the 10th year. “For the 11th year and beyond, consumers will receive commercial or floating rate interest which is no longer subsidized. “That way, there will be more recipients of housing subsidy benefits, even up to twice as many,” he explained.
Also read: Thinking regarding the fate of MBT, BTN proposes a new subsidized KPR financing scheme
Currently, the portion of the APBN to fund subsidized KPR is 75%, and the remaining 25% comes from bank financing.
“For example, for a house worth IDR 180 million, the government must provide subsidized KPR funds of IDR 135 million to distribute subsidized KPR to the community,” said Hirwandi.
It would be better, he said, for the funds to be used for investments whose proceeds might fund interest subsidies. “We are giving the funds collected by the government the opportunity to pay interest subsidies,” he explained.
Another suggestion is that the subsidized KPR interest rate will be 10%. The composition is that 5% of the interest burden is borne by the debtor, the remaining 5% is paid by the government.
“The proposed interest rate for subsidized KPRs to be 10% aims to ensure that disbursed KPRs can be securitized so that the housing ecosystem will come back to life. “PT SMF can carry out securitization according to its function in secondary mortgages,” said Hirwandi.
Hirwandi further said that the maximum income limit for prospective consumers of subsidized housing also triggers injustice. “Ideally, the income limit would be shifted because people with low incomes, for example IDR 15 million per month, find it difficult to get a house,” he concluded. (Ifa/Z-7)
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