KUCHING: Sarawakians have been urged not to misuse mortgage financing facilities offered by Mutiara Mortgage & Credit Sdn Bhd (MUTIARA), as the state government expands low-interest schemes to boost homeownership among B40 and M40 groups.
Deputy Premier Datuk Amar Dr Sim Kui Hian said the initiative, which offers interest rates as low as one per cent for B40 buyers and three per cent for M40, is meant to help people genuinely own homes, not to be exploited for profit.
“We want to help you with sincerity, but you also have to reciprocate with sincerity. We don’t want people to abuse the system,” he said.
He said this when met by reporters after officiating the MUTIARA Open Day at the Housing Development Corporation (HDC), Wisma Sultan Tengah, Jalan Sukma here today (Apr 4).
He explained that despite Sarawak having more houses than families, the imbalance is driven by factors such as rural-urban migration and multiple property ownership for rental purposes, rather than an actual oversupply of accessible housing.
As such, the government’s priority is to ensure more individuals — especially the younger generation — are able to purchase homes early and gradually pay off their loans before old age.
Dr Sim noted that financing remains a key barrier for many, particularly those without fixed incomes, as commercial banks are often reluctant to approve their applications.
In this regard, MUTIARA plays a crucial role in assessing and assisting applicants who may otherwise be denied loans, including offering joint financing options involving two generations to help older buyers qualify.
“Even when you are old, you still have options. Under Mutiara finance, there are two generations, that means if you are 60 years old, you can get your children to continue the loans, that is also, even when you are old, you also can own a house, you are never too old to own a house, but we prefer you to own a house as young as possible,” he added.
He also highlighted that under the 13th Malaysia Plan, some 20,000 housing units will be developed across Sarawak over the next five years, covering a range of locations and categories.
State agencies such as Land Custody and Development Authority (LCDA) and HDC have been increasingly tasked to undertake these projects on a non-profit basis to keep homes affordable.
On the Rumah Spektra Mutiara (RSM) scheme, Dr Sim said applicants must already own land, with financing limited strictly to construction costs to prevent misuse.
“You cannot build a RM1 million house and also want to get a one per cent loan. We don’t want people to take advantage, for example by borrowing and placing the money in the bank just to make profit,” he said.
He acknowledged that there have been attempts to circumvent rules, including selling subsidised homes within restricted periods through side agreements.
“No matter what we do, there will always be people trying to get around the rules. But we will continue to refine the system,” he said, adding that enforcement measures remain a last resort.
