Tackling property mismatch
The Star, 16 November 2023
Efforts to continue: Provision for house buyers to gain access to financing through the SJKP scheme will be ongoing, says Akmal Nasrullah. — Bernama
A TOTAL of 30,841 loan applications amounting to RM5.85bil in the Housing Credit Guarantee Scheme has been approved as at September this year, says Deputy Local Government Development Minister Akmal Nasrullah Nasir.
The loans are managed by Syarikat Jaminan Kredit Perumahan (SJKP), a housing guarantee agency, he said.
He added that efforts will continue to provide house-buyers access to financing through the SJKP scheme.
“Throughout the implementation of the SJKP scheme from 2008 to Sept 30, 2023, a total of 30,841 loan applications amounting to RM5.85bil has been approved.
“The government through Budget 2024 has also proposed to add another RM10bil that can benefit 40,000 borrowers,” he told Datuk Suhaimi Nasir (BN-Libaran) during Question Time at the Dewan Rakyat yesterday.
Suhaimi had asked the Local Government Development Ministry to state its measures to address the issue of excess unsold properties due to the mismatch between the value of properties and the people’s financial capability to buy the houses.
Under the scheme, the government will provide a financing limit guarantee of up to RM500,000, including principal financing, mortgage reducing term assurance (MRTA) or mortgage reducing term takaful (MRTT), legal fees, and valuation fees while the financing is limited to first homes, he said.
Akmal Nasrullah said for the second quarter of 2023, the number of unsold completed housing units was 26,286 valued at RM18.3bil, compared with 135,614 units that were launched.
The government, he added, has taken measures to address the issue of unsold houses, including implementing the Affordable Housing Index mapping, based on the median income of each state and localities obtained from the basic housing income and basic amenities survey report 2022.
“This map also serves as a guide for developers and housing agencies to set house prices in a particular locality,” he added.
He also said that developers are encouraged to conduct a feasibility study before any development is implemented to ensure that the housing projects are built based on the people’s affordability and to avoid unsold houses
On the Residential Tenancy Act, Akmal Nasrullah said the previous government had tried to bring the Act to Parliament during the Covid-19 pandemic but received strong objections during its engagement sessions.
“This government tried to review the plan by making several amendments.
“However, the matter depends on the engagement sessions and how fast we can get the feedback and agreement from stakeholders.
“We want to ensure that the rights of those who are renting and the owners will be protected.
“Most importantly, we need to consider the financial capability of the people to own or rent a house in line with the situation in the country,” added Akmal Nasrullah.
(Web source: https://www.thestar.com.my/news/nation/2023/11/16/tackling-property-mismatch)