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Saturday, October 16, 2010

Govt scheme to boost house ownership

Township developers are happy that the government is moving to help young adults with income of less than RM3,000 a month to own a home.

Prime Minister Datuk Seri Najib Razak said yesterday the government will introduce a scheme via Cagamas Bhd, which will provide a 10 per cent guarantee down payment for houses below RM220,000.

This scheme is for first-time house buyers. It allows them to own a home without having to pay the 10 per cent downpayment.

Najib said first-time house buyers purchasing homes under RM350,000 will be given a stamp duty exemption of 50 per cent.

Mah Sing Group Bhd group managing director Tan Sri Leong Hoy Kum applauded the move as it will reduce the cost of buying a home by as much as RM3,000.

Leong said it would directly and indirectly benefit the buyers of several of Mah Sing's projects, where the properties are priced below the RM350,000 range.

Mah Sing has double-storey homes in Bayu Sekamat, Hulu Langat, priced from RM240,000, and residential suites in Garden Plaza, Cyberjaya, priced from RM108,000.

To facilitate civil servants in owning houses, the government is raising the maximum loan eligibility to RM450,000 compared with RM360,000 currently, effective January 1 2011.

Glomac Bhd group executive vice-chairman Datuk Richard Fong said this will allow civil servants to own more expensive homes.

Fong said he expects the company's townships, especially Bandar Saujana Utama in Sg Buloh, to sell better.

"It is very encouraging for the property sector, for the civil servants and first time house buyers. While developers like Glomac will benefit, it will encourage more people to come forward and buy homes instead of shying away," he said.

Fong also said the government's move will be a big boost for properties priced below RM300,000.

By Business Times

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