Interest in Sharia FLPP KPR Subsidies is Still Low
The distribution of subsidized Housing Ownership Loans (KPR) under the Sharia-based Liquidity Facility for Housing Financing (FLPP) from 2022 until September 6, 2024, has reached 122,469 units, amounting to a total value of IDR 13.93 trillion.
In comparison to the overall distribution of KPR FLPP, which includes both conventional and Sharia options during the same period, totaling 570,807 units, the proportion of the population opting for Sharia-based KPR FLPP stands at only 21.45 percent.
This statement was made by Heru Pudyo Nugroho, a Commissioner of the People's Housing Savings Management Agency (BP Tapera), in a written statement on Friday, September 13, 2024.
Furthermore, Sharia-based Tapera housing financing has only reached 2,774 units with a value of IDR 424.14 billion since its establishment in 2021 until August 31, 2024.
Tapera housing financing encompasses not only KPR but also Home Renovation Loans (KRR) and Home Construction Loans (KBR).
For Sharia-based Tapera housing financing, BTN Syariah has disbursed 2,490 units, followed by BSI with 181 units, Bank Kalsel Syariah with 70 units, Bank NTB Syariah with 29 units, and Bank Jambi Syariah with 4 units.
"The composition of Sharia-based Tapera housing financing accounts for only 16.16 percent of the total housing financing disbursed under the Tapera program, which amounts to 17,156 units with a value of IDR 2.67 trillion," stated Heru.
As of August 15, 2024, BP Tapera has distributed KPR FLPP (both conventional and Sharia) for 111,784 homes, totaling IDR 13.62 trillion. Meanwhile, Tapera housing financing has been allocated for 3,512 homes with a value of IDR 583.55 billion.
Heru acknowledged that Sharia-based housing financing remains significantly lower than conventional mortgage loans. One of the contributing factors to this disparity is the lack of public understanding regarding Islamic banking.
In response, BP Tapera is actively working to enhance financial literacy and inclusion in the realm of Sharia finance through various programs and events.
In 2023, BP Tapera introduced a book titled "Fikih Perumahan dan Implementasinya dalam Pembiayaan Perumahan." Furthermore, BP Tapera is collaborating with universities and the banking sector to provide education, both directly and indirectly.
"In the future, we hope that a greater number of people will comprehend Sharia-based housing financing, leading to improved growth compared to previous years," stated Heru.
