Government Designs Flat 35-Year Mortgage Scheme in 2024

Pemerintah Rancang Skema KPR Cicilan Flat 35 Tahun di 2024

The Government Designs a 35-Year Flat Installment Mortgage Scheme in 2024.

The government is developing a plan to introduce a mortgage system with a term of up to 35 years that uses a fixed interest rate scheme.

Herry Trisaputra Zuna, Director General of Infrastructure Financing and Housing at the Ministry of Public Works and Public Housing, stated that this scheme is still in the research process. It is hoped that through this scheme, mortgage loans (KPR) can become more effective and efficient.

<b>Pemerintah sedang mengembangkan rencana untuk memperkenalkan sistem KPR dengan jangka waktu hingga 35 tahun yang menggunakan skema bunga tetap. </b><br>

"Flat 35 is currently being studied, the relevance of how to create efficient mortgage loans, so that the government spends less money but the amount (distribution) is large, and involves the ecosystem, private sector involvement."\u00a0"

"Herry Trisaputra Zuna, Director General of Infrastructure Financing and Housing, Ministry of Public Works and Housing,"

"Testing of New Scheme Plan in 2024."

Herry has designed a scheme that will soon be implemented. He hopes that this program can be tested in 2024 after coordination between the Ministry of Public Works and Public Housing and the Ministry of Finance. He mentioned that a similar scheme with a tenure of up to 35 years has been implemented in Japan. He is considering starting with a tenure of 30 years as an initial option, but there is a possibility to extend it up to 35 years.

Transformasi FLPP.

Herry explained that the flat 35 program is a modification of the subsidized housing distribution scheme currently carried out through FLPP. The difference lies in the extension of the home loan installment tenure up to 35 years. Fixed installments with the same amount until fully paid off are its distinctive feature. "So with this new product, it's already fixed, it's just a matter of the tenure whether it's 35 or 30, today our exercise is for 30 years, but actually making it 35 is also fine, as it will be evaluated based on the beneficiaries," said Herry.

<b>Mendorong Akses Kepemilikan Rumah yang Memadai.</b><br>

"Promoting Access to Adequate Home Ownership."

The following is the translation of the given 'Bahasa' text to 'English' while preserving any html tags: "FLPP mortgage program is a government strategy to support home ownership access for Indonesian people, especially those with low income."

Until 2023, the government has allocated Rp108.5 trillion from the State Budget (APBN) and State Capital Participation (PMN) for the Housing Financing Liquidity Facility (FLPP) program, equivalent to 1,289,748 housing units. PT Sarana Multigriya Finansial (Persero), as one of the Special Mission Vehicles under the Ministry of Finance, is determined to reduce the government's fiscal burden by providing 25% financing support for the FLPP program.

Indonesia has made significant progress in addressing housing backlog through the FLPP policy. In the fiscal year 2024, the government allocated an additional fund of Rp1,891.0 billion to PT SMF for the FLPP mortgage program for MBR. The goal is to support affordable homeownership for MBR and to increase income and job absorption in related sectors.

Government Designs Flat 35-Year Mortgage Scheme in 2024

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