LETTER | In the late 70s, I wrote to the editor of letters of a few newspapers that it was about time for the Malaysian government to help those living in government low-cost flats who can’t afford to own a home, by letting them convert the rental terms to a home ownership plan.

This is like what was offered by the Hong Kong housing board. Tenants who agreed to buy up the unit which they have been dwelling in for many years, can use the rental paid up over the years as a downpayment to buy the unit from the government.

Also, they need to amortise/mortgage the unit for a bank loan to pay up the premium price to buy the unit from the government.

As a second option, the government had offered to help those who did not qualify for a bank loan by accepting payments in monthly instalments - so that they too get to buy their unit.

The most favourable payment mode was the second option, so the government worked out a few easy low-payment schemes to make it affordable to those whose applications for bank loan had been rejected, to make instalment payments directly to the government.

With this arrangement and financial help in place, everyone could eventually become the owner of their rented unit - a house which they can call their own.

Malaysia should follow suit. It will ease the government’s financial burden and the need to spend money to build more homes.

The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.