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

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.