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Tuesday, October 12, 2010

Mah Sing: Keep tax relief on housing loans

Mah Sing Group has called on the government to maintain the tax relief on interest up to RM10,000 per year incurred on housing loans.

This was initially announced for sale and purchase agreements executed between March 2009 and December 2010.

"In fact, it would be good if the tax relief is extended to all interest incurred on end financing for the first home," said Mah Sing's chief executive officer Tan Sri Leong Hoy Kum in a statement today.

In line with government's initiative to promote affordable home ownership, he said the government could also consider providing grants for first-time house owners.

On the proposal for the loan to value ratio to be reduced to 70 or 80 per cent for third and fourth property, Leong said any implementation should take into consideration the industry feedback and current market consideration.

"We are confident that banks are very selective and have their own set of strict guidelines when giving out loans to ensure high quality of loans," he said.

Leong said for Malaysia to become a high-income economy, the mandatory delivery of a given percentage of low-cost houses by developers should be reviewed.

"In selected locations with high land cost, this can be replaced by the delivery of low-medium cost houses so that it will be more equitable for developers," he said.

He also hoped that the government will further ease policies to encourage foreigners to buy properties in Malaysia as this can be significant source of foreign direct investment.

By Bernama

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