He said while it is not wrong for the younger generation to own a car or apply for personal loan, they should give priority to home ownership as it is an asset compared to a vehicle which is a liability as it depreciates in value each year.

“A house is an asset with its value appreciating every year. While it is not wrong to rent, but on hindsight, through monthly rentals, it seems that we are ‘helping’ the owner to settle his housing loan repayment,” he argued.