Home loan help for low-income group


Potential buyers looking at a scale model of the Rumah Selangorku houses. The scheme in Taman Putra Impiana, Puchong, offers a total of 380 apartment and townhouse units on a 2.9-ha site. — filepic

OUSTANDING PTPTN loans are hampering the loan application of those buying Rumah Selangorku houses under the bumiputra quota.

Selangor Housing Committee chairman Datuk Iskandar Abdul Samad told the state assembly yesterday that those buyers were finding it difficult to get their housing loan applications approved by banks.

He said the state government was working with banks and developers to get these buyers the loans, and it was also buying some units to be rented out.

“The bumiputra quota for Rumah Selangorku is between 30% and 70%, depending on the areas.

“High bank interest rate is not the issue that these buyers face. It is their existing loans that have not been settled yet. And this is the reason many loans are not approved.

“So far, we have discussed with Bank Rakyat on how they can help the buyers in getting a housing loan while paying for their PTPTN loans.

“The state government will also buy some of these units and rent them out to those in the low-income group,” said Iskandar.

“Since many of the Rumah Selangorku projects started construction in 2013 and 2014, the units under the bumiputra allocation that could not be sold to the qualified buyers would be rented to them instead,” he said in reply to a question from Dr Xavier Jeyakumar (PKR-Seri Andalas) on the guideline for Rumah Selangorku’s bumiputra quota.

Many Selangorku housebuyers are facing problems with end financing, where their loan applications to banks have not been approved.

Selangor Mentri Besar Datuk Seri Mohamed Azmin Ali, during the presentation of the 2017 Budget at the state assembly meeting, said the loan rejection rate had risen to more than 50%.

He said a report by the Selangor Housing and Real Estate Board revealed that 8,770 from 17,546 applications did not secure financing from banking institutions.

As such, the state government has urged Bank Negara Malaysia to review again the guidelines to aid first-time housebuyers to obtain bank loans for houses priced below RM250,000.

In light of the problem with housebuyers in this category getting housing loans from banks, the state plans to create a Smart-Rent Scheme to help those in the middle-income group to rent and later purchase a house in Selangor.

In this scheme, the minimum rental period for each tenant is two years, with maximum of five years given.

The tenant will get back 30% of the total rental paid when they no longer live in the unit.

The 30% return can then be used as down payment to purchase a Selangorku house.

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