This affordable housing program, specifically for low-income people, is one of the government's priority programs and is planned to be implemented in the first quarter of 2025.
"The FLPP policy is designed to achieve the Three Million Affordable Houses program," the president stated during a press conference at the Merdeka Palace here on Monday.
FLPP, a type of home ownership loan (KPR) scheme, was launched in 2021 through a collaboration between the Ministry of Public Works and Housing (now the Ministry of Public Housing) and state-owned banks.
Among the advantages of utilizing the FLPP scheme for home mortgages is a lower down payment than other programs, typically around one percent of the house price.
Additionally, individuals benefiting from FLPP mortgages are exempt from paying insurance premiums and can make affordable monthly payments, capped at a maximum interest rate of five percent.
At the same press conference, President Prabowo highlighted that the government will continue enhancing the bad debt erasure program for micro, small, and medium enterprises (MSMEs).
"We will keep working to improve the process of eliminating bad debt for MSMEs," the president affirmed.
The president held the press conference after a limited meeting with several ministers of the Red and White Cabinet.
Participants at the meeting comprised Coordinating Minister for Economic Affairs Airlangga Hartarto, Minister of Finance Sri Mulyani Indrawati, Minister of Energy and Mineral Resources Bahlil Lahadalia, and other high-ranking officials.
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Translator: Genta M, Kenzu
Editor: Rahmad Nasution
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