Housing Installments for Affordable Homes Expected to Go Down by 20 Per Cent
Bernama, Photo Credit to Money Under 30
clock 28-08-2019
hit 191

The monthly instalment payment for borrowers under the Affordable Housing Fund is expected to be reduced by 20 per cent.

This follows an announcement by Finance  Minister Lim Guan Eng today that effective Sept 1, Bank Negara’s RM1 billion Affordable Housing Fund has been expanded to those with a household monthly income of not more than RM4,360 for purchase of a home not exceeding RM300,000.


Prior to this, the fund was opened to house buyers with monthly household income not exceeding RM2,300 for purchase of a home of not more than RM150,000.


“Successful applicants will enjoy a low-interest rate of 3.5 per cent per annum with a repayment period of 40 years. We hope with this flexibility, it will be easier for house buyers to obtain loans," Lim said at a joint media conference with Housing and Local Government Minister Zuraida Kamaruddin here today.


The media conference was held after both ministers attended focus group discussions to obtain views and recommendations for the 2020 Budget on housing, at the Housing and Local Government Ministry here.


Lim said the successful applicants would also be exempted from stamp duty for their sale and purchase agreement.


Meanwhile, Zuraida said six housing financing schemes, including the Youth Housing and 'rent-to-own' would be launched in October this year.


She said the schemes were being finalised for implementation to include the participation of banks and financial institutions.


Asked on the ministry's efforts to assist the Pahang government in assisting Lynas Malaysia Sdn Bhd (Lynas) to build a permanent deposit facility (PDF), Zuraida said it had to comply with all requirements.




WHAT DO YOU FEEL ABOUT THIS?

0
LOVE
0
HAPPY
0
SURPRISED
0
SAD
0
ANGRY


COMMENTS
Use a Facebook account to add a comment, subject to Facebook's Terms of Service and Privacy Policy. Your Facebook name, photo & other personal information you make public on Facebook will appear with your comment.

SIGN UP NEWSLETTER

logo
Monthly Column
The staple of your property-related materials. It's all about being ahead of the game and with The Column, you get carefully selected information that will keep you informed and running with the pack. The best news, articles and properties on the market from the Property Hunter portal, conveniently wrapped and ready, just for you.

logo
Weekly Window
Your weekly dose of what's hot and what's not in property. The window is your view into the realm of real estate in Malaysia, curated from our portal based on the most popular pieces over the week. For those who just can't get enough, this is for you. Ain't nobody got time for dailies anymore, weekly is the new daily.