Grant for new house buyers proposed

A RM10,000 grant for first-time house buyers and Employees Provident Fund withdrawal for a second house are among strategies proposed to the Government to stimulate the property industry.

Others proposals include higher housing loan amounts for civil servants and a tax reduction on housing loan interest.

This is to reduce the financial burden of house buyers.

Real Estate and Housing Developers’ Association Malaysia (Rehda) president Datuk Ng Seing Liong said the Government should, through state development corporations, develop more low-cost houses.

“The state governments should do so because they are the biggest landowners.

“The private sector should be allowed to focus on market-driven projects,” he said in a press statement yesterday.

Ng also suggested that the bumiputra housing quota be reviewed.

He said the quota should not exceed 30% while discounts for houses below RM250,000 should be capped at 5%.

Ng said the association welcomed the Government’s moves to stimulate the property market and help ease the burden of house buyers and developers.

Among the Government’s plans are to subsidise the construction of or purchase of land for building 25,000 low-cost houses, revision of stamp duties and taxes for developers and reducing interest rates for housing loans. - The Star

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