Malaysian Government To Announce Attractive Measures For Home Buyers In Budget 2017

KUALA LUMPUR, Sept 10 (Bernama) -- The Malaysian government is expected to announce attractive measures in the upcoming Budget 2017 to help middle and lower income earners secure affordable homes. Treasury Secretary-General Mohd Irwan Serigar Abdullah said the Finance Ministry is in talks with four major banks on how 1Malaysia People's Housing (PR1MA) can deliver affordable homes to these groups. PR1MA was established to plan, develop, construct and maintain high-quality housing with lifestyle concepts for middle-income households in key urban centres. "We, at the ministry, are discussing with the four major banks the proposed measures, which will be announced by Prime Minister Najib Razak (in the budget). "We're not talking about high-end houses. It (the proposed measures) will be attractive," he told reporters here, on Friday. The Budget 2017 will be announced on Oct 21 in Parliament. Commenting on the Urban Wellbeing, Housing and Local Government Ministry's proposal to allow developers to provide housing loans, Mohd Irwan said: "We need to study (this proposal). "I read about it in the papers, and can't comment much," he added. The Minister concerned, Noh Omar, was reported as saying the ministry was mulling a proposal for housing developers to be issued a moneylending licence to help non-bankable house buyers and overcome down payment issues. The interest rate for loans under the scheme will vary from a maximum 12 per cent with collateral and up to 18 per cent without any. --BERNAMA