Progressive loan-repayment system can help ease property financing for house buyers
KUALA LUMPUR: The Malaysian Institute of Professional Property Managers (MIPPM) is proposing a progressive loan-repayment system to ease property financing for house buyers.
MIPPM president Sarkunan Subramaniam said on Wednesday such a scheme would allow home buyers to increase their monthly repayments in tandem with the higher salaries they would earn over a progressive period of time.
"A person's salary does not stay fixed forever. The longer he or she works, the higher the salary," he said at a press conference at the inaugural MIPPM conference today.
"We feel this is something the banks should explore to allow first time home buyers to buy property."
Meanwhile, Second Deputy Finance Minister Datuk Lee Chee Leong, who opened the conference, said for the property management in Malaysia to undergo a transformation, it has to be carried out by a trained and qualified professional.
"The profession has to continuously find new ways and methodologies to enhance services to clients.
"Further to this, I also believe that the best way to go through a challenging period like we are facing now is by reinventing ourselves by adopting new technologies, creating a new mindset and changing the way we do things."
The one-day conference featured topics on strata management tribunal issues and cases, effective management of service contracts and providers, issues and challenges in managing green buildings, facilities management versus property management and the latest trends and developments in property management.
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