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The Indonesian Government Will Provide Incentives To Banks That Support The Prabowo Program For Three Million Houses
, 24 Nov 2024
Bank Indonesia (BI) is prepared to provide macroprudential liquidity policy incentives to banks that support the initiative of constructing 3 million houses annually, as announced by President Prabowo Subianto.
Deputy Governor of BI, Juda Agung, stated that this initiative aims to address the significant housing deficit or backlog that persists.
"The primary focus is on providing liquidity incentives to banks that extend credit in the housing and construction sectors comprehensively," Juda remarked during a press conference on BI's Board of Governors Meeting on Wednesday, November 20.
The sectors eligible for these liquidity incentives include banks that offer credit in construction, real estate, housing loans (KPR), and apartment ownership loans (KPA).
Another form of support from BI for the 3 million housing program involves the loan-to-value (LTV) ratio in the property credit application process, which remains relaxed up to 100 percent. This means that the down payment can be as low as 0 percent.
During the same occasion, BI Governor Perry Warjiyo revealed that the provision of credit subsidies within the 3 million housing program aims to stimulate demand for home purchases. Therefore, the institution is committed to supporting the banking supply side.
"Banks that provide credit to various sectors, including housing, will receive liquidity incentives from us, particularly for affordable housing," he stated.
