BTN Proposes Endowment Fund Scheme For The 3 Million Houses Program Launched By Prabowo-Gibran

Housing (Photo: dock. Antara)

JAKARTA - PT Bank Tabungan Negara (Persero) Tbk (BBTN) proposed an endowment fund scheme to finance the program of 3 million houses launched by the elected presidential and vice presidential candidate pair Prabowo Subianto-Gibran Rakabuming Raka.

"We propose a scheme, this has been discussed with the government, a combination of FLPP (Housing Financing Liquidity Facilities) and interest difference subsidies, namely that the government in each year gives FLPP around Rp. 19-25 trillion, with the same money being used as endowment funds," said BTN President Director Nixon LP Napitupulu quoting Antara.

He explained that the 3 million homes program in the five years of the new government will be difficult to achieve if you continue to use the FLPP scheme for home ownership credit (KPR) subsidies.

This, according to him, will burden the state budget.

"Because FLPP all of its liquidity needs are provided by the State Revenue and Expenditure Budget (APBN). In my opinion, it is difficult, for the housing program, the number has tripled (compared to the program of 1 million houses during the administration of President Joko Widodo)," he said.

Therefore, according to him, a breakthrough scheme is needed to overcome this, namely through the formation of BTN's proposed endowment fund.

The endowment fund uses FLPP funds which have been managed through the People's Housing Savings Management Agency (BP Tapera), to be rotated or invested in certain instruments.

The return on investment will be used to pay interest difference subsidies. That way, it is hoped that the target of building a 600-unit house every year can be achieved.

"For example, we put (FLPP funds) into state debt securities (SUN) with a return of 6 percent. With a return of only 6 percent, he will be able to cover the KPR with a subsidy pattern of interest difference," said Nixon.

In addition, BTN proposes that the limit on the selling price of subsidized houses be widened to Rp. 300 million so that the feasibility and quality of the house will be better and people with an income of more than Rp. 8 million can enjoy subsidies.

"With us raising this (subsidized house selling price limit), without seeing income, so that we see the selling price of houses, as long as it is the first house. We propose it like that. Hopefully this will be better. If this happens, the people's reach capacity will be greater," he said.

Director of Consumer BTN Hirwandi Gafar said that the definition that is included in the criteria for low-income people (MBR) also needs to be reviewed by the government.

According to him, people who earn responsibilities (MBT) with income above Rp. 8 million can actually enter MBR considering that their purchasing power for homes is still limited.

BTN also proposes cutting the subsidy period to a maximum of 10 years considering that people's income usually continues to increase in the tenth year.

Consumers are also considered to tend to pay the average installments after entering the tenth year even though the tenants taken legally have a longer period of time.

"We see that the community after 10 years of income continues to increase. Unfortunately (if it continues to be subsidized) until the next 11-20 years, which should be enjoyed by other people," said Hirwandi.