A call to review the cooling measures on sales of properties in Malaysia was submitted by the Real Estate and Housing Developers’ Association Malaysia (Rehda) in the form of a wish list for Budget 2016.
To facilitate home acquisition in the country, Rehda said banks should introduce a new homebuyer-friendly scheme especially for first-time buyers of houses priced up to RM500,000.
Its president Datuk Seri Fateh Iskandar Mohamed Mansor said some of the cooling measures announced by the Government in Budget 2014 had negatively impacted buyers ability to secure financing.
“Banks should allow some form of flexibility.
“The criteria for loan approvals should be more relaxed, and flexibility should be allowed, especially for first-time home buyers and houses up to RM500,000,” Fateh, who is also Glomax group managing director and chief executive officer, told reporters after the company’s AGM.
Rehda also submitted five other suggestions – adoption of industrialised building system, goods and services tax relief for affordable housing and controlled properties, revision of the bumiputra quota policy, reduction in the cost of doing business for the industry, and increase in affordable housing supply.
“With many corporations and bodies now putting efforts to provide affordable housing in the country, the Government should also consider establishing a single body to look at houses priced RM100,000 to RM500,000, and houses priced RM100,000 and below,” he said. — Bernama