Government Designs Flat Installment Mortgage Scheme for 35 Years in 2024

Pemerintah Rancang Skema KPR Cicilan Flat 35 Tahun di 2024

"The government designs a flat installment mortgage scheme for 35 years 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.

"Herry Trisaputra Zuna, the Director General of Infrastructure and Housing Financing at the Ministry of Public Works and Housing, stated that this scheme is still under research. It is hoped that through this scheme, mortgages 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>

"We are currently studying this Flat 35, regarding how to create an efficient mortgage, so that there is less government money but the amount (distribution) is large, and involves the ecosystem, with the private sector coming in,""

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

Plan to Test the New Scheme in 2024.

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

The translation of "Transformasi FLPP" to English is "FLPP Transformation."

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

"Encouraging Access to Adequate Home Ownership."

"The FLPP mortgage program is the government's strategy to support access to home ownership for the Indonesian people, especially those with low incomes."

"Until 2023, the government has allocated a state budget (APBN) fund of Rp108.5 trillion and PMN for the FLPP KPR 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 financing support of 25% for the FLPP program."

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

Government Designs Flat Installment Mortgage Scheme for 35 Years in 2024

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