Low home ownership rates are an ongoing problem in Indonesia. One solution that has been proposed to address this problem is the Savings-Based Housing Fund (Tapera). Tapera is a housing savings program that requires participants, both formal and informal workers, to set aside a portion of their income each month into a Tapera savings account. The funds collected can then be used for the purchase or construction of a house. This program has been successfully implemented in several countries such as Malaysia and Singapore.
Tapera has several advantages including:
1. By having sufficient Tapera savings, participants have easier access to housing loans from banks or other financial institutions. This allows them to buy or build a house without having to face too heavy a financial burden.
2. Tapera can be a source of long-term funds for the development of the housing sector. The funds collected can be reinvested in the construction of subsidized houses, affordable housing, or other housing infrastructure, which in turn will increase people's access to decent housing.
3. The Tapera program can also help foster awareness of the importance of saving for the future, particularly in terms of owning one's own home. This can help change people's mindset with regards to financial management and motivate them to have better savings.
On the other hand, Tapera also has disadvantages for some people, namely:
1. One of the criticisms of the Tapera program is that the benefits are uneven. Participants with low incomes may find it difficult to set aside a portion of their income for Tapera savings, while participants with high incomes may not feel the impact.
2. The Tapera program requires participants to set aside a portion of their income each month, which may be an additional burden for those who are already struggling to meet their basic daily needs. This makes the program less flexible in accommodating individual financial circumstances.
3. As the Tapera program involves the collection of significant funds from the public, it is important to ensure that the funds are managed properly and transparently. Lack of adequate oversight or lack of transparency in the management of Tapera funds may lead to misuse or abuse of such funds.
In conclusion, while Tapera has the potential to be an effective solution in increasing home ownership in Indonesia, there are several considerations to take into account. It is important to ensure that the program is well designed and sustainable, taking into account the various conditions and needs of the community. In addition, strict oversight and transparency in the management of Tapera funds must be guaranteed to prevent misuse or abuse of these funds.