Promoting Home Ownership among the Underprivileged: The Role of Social Financing

Mahazril ‘Aini Yaacob, Farihah Hassan, Saidatul Akma Hamik, Norraidah Abu Hasan and Herman Shah Shahbuddin
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Mahazril ‘Aini Yaacob: Faculty of Administrative Science and Policy Studies, Malaysia
Farihah Hassan: Faculty of Administrative Science and Policy Studies, Malaysia
Saidatul Akma Hamik: Faculty of Administrative Science and Policy Studies, Malaysia
Norraidah Abu Hasan: Faculty of Administrative Science and Policy Studies, Malaysia
Herman Shah Shahbuddin: Bank Islam Malaysia Berhad, Malaysia

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 3, 2635-2652

Abstract: Many people struggle to obtain home ownership due to unaffordable housing and limited financing. As a result, they opted for renting, which also became a challenge due to the unstable rental sector. Therefore, this paper presents a qualitative analysis of the housing challenges and the roles of social financing in promoting home ownership among the underprivileged in Malaysia. A focus group discussion with ten participants was conducted from low-income groups living in the public housing project (PPR) Kampung Kerinchi, Kuala Lumpur, Malaysia, to validate their housing challenges in their pursuit of home ownership. The findings revealed that housing affordability is the main reason people cannot own it, which has become one of the challenges they face. The study also highlights the challenges related to financing accessibility for affordable homes. The introduction of social finance in managing unaffordability issues among people is seen as a practical tool for people towards home ownership and financial institutions as part of their social responsibility.

Date: 2024
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