Urbanization, Urban Housing And Housing Finance In Indonesia Pascasarjana UI
HOUSING FINANCE SYSTEM
AND HOUSING FINANCE SUBSIDY
A Case Study of Indonesia
ISKANDAR SALEH
INDONESIA BANKING SCHOOL
Jakarta, 7 November 2016
Decreased to globlal crisis,
Only few countries in positive
growth
INCOME PERCAPITA
( x000 USD)
3,010
3,540 3,751 3,669 3,531 3,362
2010 2011 2012 2013 2014 2015
Source : BPS
DRIVERS OF GROWTH
KEY VARIABLES
GDP (USD Billion)
GDP Growth (%)
2009
2010
2012
2013
2014
2015
510,2 539,4 706,6 846,8
878,0
890,4
861,9
5.8
5.0
4.8
4.5
6.0
2011
6.4
6.2
GDP per Capita
2,345 3,010 3,540 3,751
3,669
3,531
3,362
Inflation (%)
4,90
6,96
4,61
4,30
8,08
8,36
3,35
BI Rate (%)
6,50
6,50
6,50
6,00
7,25
7,75
7,50
Except over the period 1998 – 1999, GDP
growth allows for credit expansion
Increased in GDP per Capita (2013) has
moved Indonesia up to Middle-Income
Country
As inflation decreasing in 2015, the country
expects higher credit growth in 2015-2016.
Source : BPS
Years
1998 – 1999
2000 – 2004
2005 – 2009
2010 – 2015
Avg. Growth
Rate (%)
-6.65
4.60
5.64
5.70
Housing Finance in Indonesia
Mortgage Market Size as % GDP
Total Housing Backlogs 2015
11,3
JUTA UNIT
Housing Backlogs
Sumber: Bank Indonesia, Kemenpera, HDFC, Hofinet, SMF Research 2013
Source : ppdpp.id
100%
% of household
80%
8.000
6.000
60%
4.000
40%
2.000
20%
0%
0
1990
2000
2010
2015
5K-10K USD
< 5K USD
10K-15K USD
>15K USD
Average household disposable Income (RHS)
Source : CEIC, UBS Research
Annual household disposable Income
(USD)
Rising middle
class
GOVERNMENT
HOUSING FINANCE POLICIES AND PROGRAMS
POLICIES:
1) Affordability
Make the PMT affordable;
2) Accesability
Provide better credit access
3) Availability
Promote the Supply of Mortgage thru Special Circuit
in Housing Finance
4) Sustainability
Integrating Housing Finance to Capital Market thru
Secondary Mortgage Facility
PROGRAMS:
1) Interest Rate Subsidy:
Provide Liquidity to Partly Finance the Required
Mortgage Principal; and
Provide Subsidy to Interest Differential between Market Rate
and Subsidized Rate
2) Down Payment Subsidy:
Reduce the Principal to be Repaid by the Target Group
Mortgage (Rp.)
Down Payment
Down Payment Subsidy
PMT@5,0%
PMT
FLPP
2
4
6
8
10
12
14
16
Repayment Period (Years)
Figure
FLPP Mortgage and Down Payment Subsidy
18
20
Mortgage (Rp.)
Down Payment
Down Payment Subsidy
BI Rate + 5%
PMT
Market
Rate
[email protected]%
PMT
IRS
2
4
6
8
10
12
14
16
18
20
Repayment Period (Years)
Figure
Interest Rate Subsidy Mortgage and Down Payment Subsidy
A MILLION HOUSING PROGRAM
Housing Finance Programs
2015 - 2019
JENIS BANTUAN PEMBIAYAAN PERUMAHAN
SATUAN
1. Bantuan Uang Muka bagi MBR*
- Jumlah rumah tangga yang mendapatkan Bantuan
Rumah Tangga
Uang Muka (BUM)
2015
Renstra
DIPA
TARGET DAN ANGGARAN
2016
Pagu
2017
Renstra
Anggaran
2018
2019
TOTAL
55,000
55,000
106,500
337,839
124,250
124,370
65,880
476,000
220,000
220,000
479,250
1,351,000
621,250
684,035
395,280
2,399,815
- Jumlah rumah tangga yang mendapatkan bantuan
Rumah Tangga
pembiayaan perumahan KPR sejahtera tapak
130,000
65,625
150,000
89,186
175,000
173,500
91,500
720,000
- Jumlah rumah tangga yang mendapatkan bantuan
Rumah Tangga
pembiayaan perumahan KPR sarusun
-
25,000
50,000
75,000
26,500
176,500
- Jumlah rumah tangga yang mendapatkan bantuan
Rumah Tangga
pembiayaan perumahan KPR sewa beli sarusun
-
-
-
1,500
2,000
3,500
- Jumlah unit rumah yang mendapatkan fasilitas
bantuan
pembiayaan Kredit Konstruksi
-
1,000
1,500
2,000
1,500
6,000
-
50,000
150,000
200,000
50,000
450,000
Rupiah
Anggaran ( x Rp 1 jt)
2. Bantuan Pembiayaan Perumahan (KPR-FLPP)
bagi MBR
Unit Rumah
- Jumlah rumah tangga yang mendapatkan bantuan
Rumah Tangga
pembiayaan perumahan KPR Swadaya
Rupiah
Anggaran ( x Rp 1 jt)
10,115,391
5,106,330
25,070,893
9,227,000
42,738,884
58,136,629
ANGGARAN SUBSIDI BANTUAN UANG MUKA
(BA 033.08/ BA 999.07)
220,000
220,000
479,250
1,351,000
621,250
684,035
ANGGARAN FLPP (BA 999.03)
10,115,391
25,070,893
9,227,000
42,738,884
58,136,629
26,030,835 162,092,632
TOTAL ANGGARAN SUBSIDI DAN FLPP (BA 999.03 DAN
999.07)
10,335,391
25,550,143
10,578,000
43,360,134
58,820,664
26,426,115 164,492,447
5,106,330
5,326,330
26,030,835 162,092,632
395,280
Catatan:
* ) TA. 2015 dibiayai melalui bansos (BA 033), mulai TA. 2016 dialokasikan melalui BA. 999.07.
BA BUN 999.07 selain untuk BUM juga dialokasikan untuk Subsidi Selisih Bunga (SSB). Pada TA. 2016 telah diusulkan untuk pembayaran SSB tahun kedua yang diterbitkan TA. 2015 sebesar Rp. 1,718 Miliar
untuk sebanyak 199,052 unit dan pembiayaan SSB tahun pertama sebesar Rp. 900 Miliar untuk 386,644 unit.
2,399,815
HOUSING FINANCE PROGRAM 2016
Catatan:
Pagu tersebut berdasarkan pagu Nota Keuangan.
CURRENT HOUSING FINANCE SYSTEM
AND HOUSING FINANCE SUBSIDIES IN INDONESIA
●
Level Playing Field
●
Bolstering HFS with LF
Increasing Participation of
Primary Mortgage Lenders
Integrating HFS to CM
Establishing Housing
Provident Fund (Tapera)
●
●
●
●
●
●
●
●
●
Liquidity Facility
on Budget (Financing)
Subsidy toward People
Revive and Develop
Subsidy for Micro HF
Reactivate Subsidy for DP
Suspend Subsidy for
Construction Credit
Interest Rate Subsidy
on Budget (Spending)
2015 - Current
HOUSING FINANCE SYSTEM DEVELOPMENT
Establishing the Liquidity Facility for mortgage origination to invite
more market participants and promote risk-based mortgages
subsidized mortgages business, resulting in:
Promoting Level Playing Field
Re-establshing Special Circuit in HFS
Integrating Primary Mortgage Market with Capital Market thru
further establishing the SMF
Elaborating Housing Provident Fund to HFS
HOUSING FINANCE SUBSIDIES
Housing Finance Subsidy is intended to broaden banks participation
in serving down market, by:
Inviting partipating banks to originate affordable mortgage
(5%/year) in which the required principal comes partly from the
banks and mostly from the government (10% vs 90%)
Promoting housing affordability thru interest rate subsidy over the
mortgages term; target group pays subsidized mortgage with rates
much lower than market rates (12% vs 5%) Government pays
the difference
Provide down payment subsidy to make mortgage accesible by
the target group.
DEVELOPERS
INFORMAL
FINANCE
INSTITUTIONS
DEVELOPERS
INSTITUTIONAL INVESTORS
• BANK BTN
• OTHER BANKS
Cash
• PENSION FUNDS
• INSURANCE COMPANIES
Bonds
Cash
Cash
Bonds
Bonds
Mortgage Assets
Cash
PT. SARANA
MULTIGRYA FINANSIAL
(SMF)
CAPITAL MARKET
HOUSING FINANCE SYSTEM
• RMBS (EBA-SP)
• BONDS
Deposits & Loan
Repayments
Cash
Pension &
Interest
Bonds
PARTICIPATING
BANKS
Taxes
Commercial Loans
EMPLOYERS
BLU PPDPP
Special
Circuit
COMMERCIAL
BANKS
Mortgage Assets
Cash
Commercial Loans
Savings and Loan
Repayments
Wages
GOVERNMENT
• HIGH INCOME GROUP
• MEDIUM INCOME GROUP
• LOW INCOME GROUP
Savings &
Insurance
Premium
Subsidized Housing Loans
Commercial Loans
Savings and Loan Repayments
Loans
• MEDIUM UNIT
• LUXURY UNIT
HOUSEHOLDS
Taxes
Savings & Loan Repayments
Loan Repayments
Construction Loans
• RIT
• RSH
THE IMPACTS OF GOVERNMENT
HOUSING FINANCE POLICIES AND PROGRAMS
ON HOUSING FINANCE SYSTEM
ON GOVERNMENT FISCAL
DEVELOPERS
INFORMAL
FINANCE
INSTITUTIONS
DEVELOPERS
• BANK BTN
• OTHER BANKS
INSTITUTIONAL INVESTORS
Cash
• PENSION FUNDS
• INSURANCE COMPANIES
Bonds
Cash
Cash
Bonds
Bonds
Mortgage Assets
Cash
PRIMARY HOUSING FINANCE MARKET:
SEGMENTED
PARTIALLY DETACHED FROM THE
CAPITAL MARKET
PT. SARANA
MULTIGRYA FINANSIAL
(SMF)
CAPITAL MARKET
• RMBS (EBA-SP)
• BONDS
Deposits & Loan
Repayments
Cash
Pension &
Interest
Bonds
PARTICIPATING
BANKS
Taxes
Commercial Loans
EMPLOYERS
BLU PPDPP
Special
Circuit
COMMERCIAL
BANKS
Mortgage Assets
Cash
Commercial Loans
Savings and Loan
Repayments
Wages
GOVERNMENT
• HIGH INCOME GROUP
• MEDIUM INCOME GROUP
• LOW INCOME GROUP
Savings &
Insurance
Premium
Subsidized Housing Loans
Commercial Loans
Savings and Loan Repayments
Loans
• MEDIUM UNIT
• LUXURY UNIT
HOUSEHOLDS
Taxes
Savings & Loan Repayments
Loan Repayments
Construction Loans
• RIT
• RSH
PEMBIAYAAN PERUMAHAN
KARAKTERISTIK
SISTEM PEMBIAYAN PERUMAHAN
SPECIAL CIRCUIT
o SPECIAL CIRCUIT ADALAH SUATU MEKANISME MOBILISASI DANA MELALUI
o
o
LEMBAGA ATAU INSTRUMEN PEMBIAYAAN YANG DILENGKAPI DENGAN
INSENTIF DAN PENGENDALIAN YANG DIOPERASIKAN, BAIK SECARA
LANGSUNG ATAUPUN TIDAK LANGSUNG, OLEH PEMERINTAH.
DI INDONESIA DIJUMPAI PADA USAHA PEMERINTAH UNTUK MEMOBILISASI
DANA BAGI KPR PROGRAM LEWAT FASILITAS LIKUIDITAS PEMBIAYAAN
(FLPP). DALAM KONTEKS INI, PEMERINTAH MENYEDIAKAN SEBAGIAN
POKOK PINJAMAN KEPADA BANK PELAKSANA KPR PROGRAM (BTN DAN
BANK LAINNYA) MELALUI BLU PPDPP. INSENTIF DIBERIKAN BERUPA DANA
MURAH FLPP. PEMERINTAH MELAKUKAN HAL TERSEBUT AGAR MASYARAKAT
BERPENDAPATAN RENDAH DAPAT MEMILIKI RUMAH LAYAK HUNI DAN
TERJANGKAU.
SPECIAL CIRCUIT DI NEGARA LAIN :
JERMAN: BAUSPARKASEN (SAVING-FOR-BUILDING)
INGGRIS: THE BUILDING SOCIETES
AMERIKA SERIKAT: SAVING AND LOAN ASSOCIATIONS
PEMBIAYAAN PERUMAHAN
KARAKTERISTIK
SISTEM PEMBIAYAN PERUMAHAN
PASAR YANG TERSEGMENTASI
DENGAN MEMPROMOSIKAN PINJAMAN LUNAK MELALUI BANK TERTENTU,
PEMERINTAH TELAH SECARA SADAR MENCIPTAKAN SEGMENTASI DALAM
SISTEM PEMBIAYAAN PERUMAHAN.
BENTUK SEGMENTASI DAPAT DILIHAT DARI FAKTA BAHWA KELOMPOK
MASYARAKAT BERPENDAPATAN RENDAH DAN MENENGAH DILAYANI OLEH
BANK BTN DAN BANK PELAKSANA LAINNYA, SEDANGKAN KELOMPOK
MASYARAKAT BERPENDAPATAN TINGGI DILAYANI OLEH BANK KOMERSIAL.
PASAR YANG TERISOLASI
LEBIH JAUH LAGI, TERLEPAS DARI PESATNYA PERKEMBANGAN PASAR MODAL
DI INDONESIA, SPP YANG SEKARANG BEROPERASI MASIH BELUM
SEPENUHNYA TERHUBUNG DENGAN PASAR MODAL. HAL INI MERUPAKAN
TANTANGAN DALAM KETERSEDIAAN DANA “MURAH” JANGKA PANJANG YANG
DIBUTUHKAN OLEH PEMBIAYAAN PRIMER PERUMAHAN.
CAPITAL
MARKET
APBN
BANK
BLU
PPDPP
Portion=10%
Rate= X%
Portion= 90%
Rate= 0,3%
FRM
Blended
Rate=5%
MBR
Repayment
CREATION OF FISCAL BURDEN
ON FLPP MORTGAGE PROGRAM
FISCAL
BURDEN
CAPITAL
MARKET
APBN
BLU
PPDPP
BANK
Portion= 100%
Rate= Y%
FRM
Portion= 0%
RATE= 5%
SSB
n= Tenor
MBR
FISCAL
BURDEN
Repayment
CREATION OF FISCAL BURDEN
ON INTEREST RATE SUBSIDY MORTGAGE PROGRAM
CAPITAL
MARKET
PMN
APBN
SMF
BANK
BLU
PPDPP
Rate=
AND HOUSING FINANCE SUBSIDY
A Case Study of Indonesia
ISKANDAR SALEH
INDONESIA BANKING SCHOOL
Jakarta, 7 November 2016
Decreased to globlal crisis,
Only few countries in positive
growth
INCOME PERCAPITA
( x000 USD)
3,010
3,540 3,751 3,669 3,531 3,362
2010 2011 2012 2013 2014 2015
Source : BPS
DRIVERS OF GROWTH
KEY VARIABLES
GDP (USD Billion)
GDP Growth (%)
2009
2010
2012
2013
2014
2015
510,2 539,4 706,6 846,8
878,0
890,4
861,9
5.8
5.0
4.8
4.5
6.0
2011
6.4
6.2
GDP per Capita
2,345 3,010 3,540 3,751
3,669
3,531
3,362
Inflation (%)
4,90
6,96
4,61
4,30
8,08
8,36
3,35
BI Rate (%)
6,50
6,50
6,50
6,00
7,25
7,75
7,50
Except over the period 1998 – 1999, GDP
growth allows for credit expansion
Increased in GDP per Capita (2013) has
moved Indonesia up to Middle-Income
Country
As inflation decreasing in 2015, the country
expects higher credit growth in 2015-2016.
Source : BPS
Years
1998 – 1999
2000 – 2004
2005 – 2009
2010 – 2015
Avg. Growth
Rate (%)
-6.65
4.60
5.64
5.70
Housing Finance in Indonesia
Mortgage Market Size as % GDP
Total Housing Backlogs 2015
11,3
JUTA UNIT
Housing Backlogs
Sumber: Bank Indonesia, Kemenpera, HDFC, Hofinet, SMF Research 2013
Source : ppdpp.id
100%
% of household
80%
8.000
6.000
60%
4.000
40%
2.000
20%
0%
0
1990
2000
2010
2015
5K-10K USD
< 5K USD
10K-15K USD
>15K USD
Average household disposable Income (RHS)
Source : CEIC, UBS Research
Annual household disposable Income
(USD)
Rising middle
class
GOVERNMENT
HOUSING FINANCE POLICIES AND PROGRAMS
POLICIES:
1) Affordability
Make the PMT affordable;
2) Accesability
Provide better credit access
3) Availability
Promote the Supply of Mortgage thru Special Circuit
in Housing Finance
4) Sustainability
Integrating Housing Finance to Capital Market thru
Secondary Mortgage Facility
PROGRAMS:
1) Interest Rate Subsidy:
Provide Liquidity to Partly Finance the Required
Mortgage Principal; and
Provide Subsidy to Interest Differential between Market Rate
and Subsidized Rate
2) Down Payment Subsidy:
Reduce the Principal to be Repaid by the Target Group
Mortgage (Rp.)
Down Payment
Down Payment Subsidy
PMT@5,0%
PMT
FLPP
2
4
6
8
10
12
14
16
Repayment Period (Years)
Figure
FLPP Mortgage and Down Payment Subsidy
18
20
Mortgage (Rp.)
Down Payment
Down Payment Subsidy
BI Rate + 5%
PMT
Market
Rate
[email protected]%
PMT
IRS
2
4
6
8
10
12
14
16
18
20
Repayment Period (Years)
Figure
Interest Rate Subsidy Mortgage and Down Payment Subsidy
A MILLION HOUSING PROGRAM
Housing Finance Programs
2015 - 2019
JENIS BANTUAN PEMBIAYAAN PERUMAHAN
SATUAN
1. Bantuan Uang Muka bagi MBR*
- Jumlah rumah tangga yang mendapatkan Bantuan
Rumah Tangga
Uang Muka (BUM)
2015
Renstra
DIPA
TARGET DAN ANGGARAN
2016
Pagu
2017
Renstra
Anggaran
2018
2019
TOTAL
55,000
55,000
106,500
337,839
124,250
124,370
65,880
476,000
220,000
220,000
479,250
1,351,000
621,250
684,035
395,280
2,399,815
- Jumlah rumah tangga yang mendapatkan bantuan
Rumah Tangga
pembiayaan perumahan KPR sejahtera tapak
130,000
65,625
150,000
89,186
175,000
173,500
91,500
720,000
- Jumlah rumah tangga yang mendapatkan bantuan
Rumah Tangga
pembiayaan perumahan KPR sarusun
-
25,000
50,000
75,000
26,500
176,500
- Jumlah rumah tangga yang mendapatkan bantuan
Rumah Tangga
pembiayaan perumahan KPR sewa beli sarusun
-
-
-
1,500
2,000
3,500
- Jumlah unit rumah yang mendapatkan fasilitas
bantuan
pembiayaan Kredit Konstruksi
-
1,000
1,500
2,000
1,500
6,000
-
50,000
150,000
200,000
50,000
450,000
Rupiah
Anggaran ( x Rp 1 jt)
2. Bantuan Pembiayaan Perumahan (KPR-FLPP)
bagi MBR
Unit Rumah
- Jumlah rumah tangga yang mendapatkan bantuan
Rumah Tangga
pembiayaan perumahan KPR Swadaya
Rupiah
Anggaran ( x Rp 1 jt)
10,115,391
5,106,330
25,070,893
9,227,000
42,738,884
58,136,629
ANGGARAN SUBSIDI BANTUAN UANG MUKA
(BA 033.08/ BA 999.07)
220,000
220,000
479,250
1,351,000
621,250
684,035
ANGGARAN FLPP (BA 999.03)
10,115,391
25,070,893
9,227,000
42,738,884
58,136,629
26,030,835 162,092,632
TOTAL ANGGARAN SUBSIDI DAN FLPP (BA 999.03 DAN
999.07)
10,335,391
25,550,143
10,578,000
43,360,134
58,820,664
26,426,115 164,492,447
5,106,330
5,326,330
26,030,835 162,092,632
395,280
Catatan:
* ) TA. 2015 dibiayai melalui bansos (BA 033), mulai TA. 2016 dialokasikan melalui BA. 999.07.
BA BUN 999.07 selain untuk BUM juga dialokasikan untuk Subsidi Selisih Bunga (SSB). Pada TA. 2016 telah diusulkan untuk pembayaran SSB tahun kedua yang diterbitkan TA. 2015 sebesar Rp. 1,718 Miliar
untuk sebanyak 199,052 unit dan pembiayaan SSB tahun pertama sebesar Rp. 900 Miliar untuk 386,644 unit.
2,399,815
HOUSING FINANCE PROGRAM 2016
Catatan:
Pagu tersebut berdasarkan pagu Nota Keuangan.
CURRENT HOUSING FINANCE SYSTEM
AND HOUSING FINANCE SUBSIDIES IN INDONESIA
●
Level Playing Field
●
Bolstering HFS with LF
Increasing Participation of
Primary Mortgage Lenders
Integrating HFS to CM
Establishing Housing
Provident Fund (Tapera)
●
●
●
●
●
●
●
●
●
Liquidity Facility
on Budget (Financing)
Subsidy toward People
Revive and Develop
Subsidy for Micro HF
Reactivate Subsidy for DP
Suspend Subsidy for
Construction Credit
Interest Rate Subsidy
on Budget (Spending)
2015 - Current
HOUSING FINANCE SYSTEM DEVELOPMENT
Establishing the Liquidity Facility for mortgage origination to invite
more market participants and promote risk-based mortgages
subsidized mortgages business, resulting in:
Promoting Level Playing Field
Re-establshing Special Circuit in HFS
Integrating Primary Mortgage Market with Capital Market thru
further establishing the SMF
Elaborating Housing Provident Fund to HFS
HOUSING FINANCE SUBSIDIES
Housing Finance Subsidy is intended to broaden banks participation
in serving down market, by:
Inviting partipating banks to originate affordable mortgage
(5%/year) in which the required principal comes partly from the
banks and mostly from the government (10% vs 90%)
Promoting housing affordability thru interest rate subsidy over the
mortgages term; target group pays subsidized mortgage with rates
much lower than market rates (12% vs 5%) Government pays
the difference
Provide down payment subsidy to make mortgage accesible by
the target group.
DEVELOPERS
INFORMAL
FINANCE
INSTITUTIONS
DEVELOPERS
INSTITUTIONAL INVESTORS
• BANK BTN
• OTHER BANKS
Cash
• PENSION FUNDS
• INSURANCE COMPANIES
Bonds
Cash
Cash
Bonds
Bonds
Mortgage Assets
Cash
PT. SARANA
MULTIGRYA FINANSIAL
(SMF)
CAPITAL MARKET
HOUSING FINANCE SYSTEM
• RMBS (EBA-SP)
• BONDS
Deposits & Loan
Repayments
Cash
Pension &
Interest
Bonds
PARTICIPATING
BANKS
Taxes
Commercial Loans
EMPLOYERS
BLU PPDPP
Special
Circuit
COMMERCIAL
BANKS
Mortgage Assets
Cash
Commercial Loans
Savings and Loan
Repayments
Wages
GOVERNMENT
• HIGH INCOME GROUP
• MEDIUM INCOME GROUP
• LOW INCOME GROUP
Savings &
Insurance
Premium
Subsidized Housing Loans
Commercial Loans
Savings and Loan Repayments
Loans
• MEDIUM UNIT
• LUXURY UNIT
HOUSEHOLDS
Taxes
Savings & Loan Repayments
Loan Repayments
Construction Loans
• RIT
• RSH
THE IMPACTS OF GOVERNMENT
HOUSING FINANCE POLICIES AND PROGRAMS
ON HOUSING FINANCE SYSTEM
ON GOVERNMENT FISCAL
DEVELOPERS
INFORMAL
FINANCE
INSTITUTIONS
DEVELOPERS
• BANK BTN
• OTHER BANKS
INSTITUTIONAL INVESTORS
Cash
• PENSION FUNDS
• INSURANCE COMPANIES
Bonds
Cash
Cash
Bonds
Bonds
Mortgage Assets
Cash
PRIMARY HOUSING FINANCE MARKET:
SEGMENTED
PARTIALLY DETACHED FROM THE
CAPITAL MARKET
PT. SARANA
MULTIGRYA FINANSIAL
(SMF)
CAPITAL MARKET
• RMBS (EBA-SP)
• BONDS
Deposits & Loan
Repayments
Cash
Pension &
Interest
Bonds
PARTICIPATING
BANKS
Taxes
Commercial Loans
EMPLOYERS
BLU PPDPP
Special
Circuit
COMMERCIAL
BANKS
Mortgage Assets
Cash
Commercial Loans
Savings and Loan
Repayments
Wages
GOVERNMENT
• HIGH INCOME GROUP
• MEDIUM INCOME GROUP
• LOW INCOME GROUP
Savings &
Insurance
Premium
Subsidized Housing Loans
Commercial Loans
Savings and Loan Repayments
Loans
• MEDIUM UNIT
• LUXURY UNIT
HOUSEHOLDS
Taxes
Savings & Loan Repayments
Loan Repayments
Construction Loans
• RIT
• RSH
PEMBIAYAAN PERUMAHAN
KARAKTERISTIK
SISTEM PEMBIAYAN PERUMAHAN
SPECIAL CIRCUIT
o SPECIAL CIRCUIT ADALAH SUATU MEKANISME MOBILISASI DANA MELALUI
o
o
LEMBAGA ATAU INSTRUMEN PEMBIAYAAN YANG DILENGKAPI DENGAN
INSENTIF DAN PENGENDALIAN YANG DIOPERASIKAN, BAIK SECARA
LANGSUNG ATAUPUN TIDAK LANGSUNG, OLEH PEMERINTAH.
DI INDONESIA DIJUMPAI PADA USAHA PEMERINTAH UNTUK MEMOBILISASI
DANA BAGI KPR PROGRAM LEWAT FASILITAS LIKUIDITAS PEMBIAYAAN
(FLPP). DALAM KONTEKS INI, PEMERINTAH MENYEDIAKAN SEBAGIAN
POKOK PINJAMAN KEPADA BANK PELAKSANA KPR PROGRAM (BTN DAN
BANK LAINNYA) MELALUI BLU PPDPP. INSENTIF DIBERIKAN BERUPA DANA
MURAH FLPP. PEMERINTAH MELAKUKAN HAL TERSEBUT AGAR MASYARAKAT
BERPENDAPATAN RENDAH DAPAT MEMILIKI RUMAH LAYAK HUNI DAN
TERJANGKAU.
SPECIAL CIRCUIT DI NEGARA LAIN :
JERMAN: BAUSPARKASEN (SAVING-FOR-BUILDING)
INGGRIS: THE BUILDING SOCIETES
AMERIKA SERIKAT: SAVING AND LOAN ASSOCIATIONS
PEMBIAYAAN PERUMAHAN
KARAKTERISTIK
SISTEM PEMBIAYAN PERUMAHAN
PASAR YANG TERSEGMENTASI
DENGAN MEMPROMOSIKAN PINJAMAN LUNAK MELALUI BANK TERTENTU,
PEMERINTAH TELAH SECARA SADAR MENCIPTAKAN SEGMENTASI DALAM
SISTEM PEMBIAYAAN PERUMAHAN.
BENTUK SEGMENTASI DAPAT DILIHAT DARI FAKTA BAHWA KELOMPOK
MASYARAKAT BERPENDAPATAN RENDAH DAN MENENGAH DILAYANI OLEH
BANK BTN DAN BANK PELAKSANA LAINNYA, SEDANGKAN KELOMPOK
MASYARAKAT BERPENDAPATAN TINGGI DILAYANI OLEH BANK KOMERSIAL.
PASAR YANG TERISOLASI
LEBIH JAUH LAGI, TERLEPAS DARI PESATNYA PERKEMBANGAN PASAR MODAL
DI INDONESIA, SPP YANG SEKARANG BEROPERASI MASIH BELUM
SEPENUHNYA TERHUBUNG DENGAN PASAR MODAL. HAL INI MERUPAKAN
TANTANGAN DALAM KETERSEDIAAN DANA “MURAH” JANGKA PANJANG YANG
DIBUTUHKAN OLEH PEMBIAYAAN PRIMER PERUMAHAN.
CAPITAL
MARKET
APBN
BANK
BLU
PPDPP
Portion=10%
Rate= X%
Portion= 90%
Rate= 0,3%
FRM
Blended
Rate=5%
MBR
Repayment
CREATION OF FISCAL BURDEN
ON FLPP MORTGAGE PROGRAM
FISCAL
BURDEN
CAPITAL
MARKET
APBN
BLU
PPDPP
BANK
Portion= 100%
Rate= Y%
FRM
Portion= 0%
RATE= 5%
SSB
n= Tenor
MBR
FISCAL
BURDEN
Repayment
CREATION OF FISCAL BURDEN
ON INTEREST RATE SUBSIDY MORTGAGE PROGRAM
CAPITAL
MARKET
PMN
APBN
SMF
BANK
BLU
PPDPP
Rate=