News & Articles Report: Plan To Build 257,252 Houses To Enable Low, Middle Income Earners To Own Houses
Report: Plan To Build 257,252 Houses To Enable Low, Middle Income Earners To Own Houses
23 Oct 2015
KUALA LUMPUR, Oct 23 (Bernama) -- The government plans to build 257,252 houses nationwide in a continuous effort to allow more low and middle income earners to own houses.
According to the Economic Report 2015/2016, the initiatives are:
* 1Malaysia Housing Programme under the 1Malaysia Housing Corporation (PR1MA). - 210,000 units with prices ranging from RM100,000 to RM400,000 - Priority for households earning below RM10,000 * People Housing Programme - 15,996 units - Priority for low-income earners and the resettlement of squatters.
* Rumah Mesra Rakyat 1Malaysia - 2,183 units - Priority to assist fishermen, farmers and families who do not own houses or live in dilapidated houses.
* Rumah Idaman Rakyat - 6,296 units with 60 per cent priced below RM250,000 and 40 per cent between RM250,000 to RM350,000 - Priority for middle-income earners and first-time buyers
*Rumah Aspirasi Rakyat - 11,872 units - Priority for youth to own their first houses, particularly the newly-employed.
* 1Malaysia Civil Servants' Housing Programme - 10,905 units - Priority for civil servants.
Meanwhile, to curb the rise in house prices, several lending guidelines were introduced, which include:
* A maximum 'loan-to-value' at 70 per cent on the third property.
* A maximum tenure for housing loan capped at 35 years from 45 years previously.
* Raising the Real Property Gains Tax (RPGT) from 15 per cent to 30 per cent on the disposal of property within three years.
* Increasing the minimum price of property from RM500,000 to RM1 million for foreign purchase.
* Abolishing the Developer Interest Bearing Scheme (DIBS).
According to the Economic Report 2015/2016, the initiatives are:
* 1Malaysia Housing Programme under the 1Malaysia Housing Corporation (PR1MA). - 210,000 units with prices ranging from RM100,000 to RM400,000 - Priority for households earning below RM10,000 * People Housing Programme - 15,996 units - Priority for low-income earners and the resettlement of squatters.
* Rumah Mesra Rakyat 1Malaysia - 2,183 units - Priority to assist fishermen, farmers and families who do not own houses or live in dilapidated houses.
* Rumah Idaman Rakyat - 6,296 units with 60 per cent priced below RM250,000 and 40 per cent between RM250,000 to RM350,000 - Priority for middle-income earners and first-time buyers
*Rumah Aspirasi Rakyat - 11,872 units - Priority for youth to own their first houses, particularly the newly-employed.
* 1Malaysia Civil Servants' Housing Programme - 10,905 units - Priority for civil servants.
Meanwhile, to curb the rise in house prices, several lending guidelines were introduced, which include:
* A maximum 'loan-to-value' at 70 per cent on the third property.
* A maximum tenure for housing loan capped at 35 years from 45 years previously.
* Raising the Real Property Gains Tax (RPGT) from 15 per cent to 30 per cent on the disposal of property within three years.
* Increasing the minimum price of property from RM500,000 to RM1 million for foreign purchase.
* Abolishing the Developer Interest Bearing Scheme (DIBS).
Source: bernama.com