KUALA LUMPUR: First-time home buyers should be allowed to withdraw 40%, instead of the permitted 30% now, from their Account 2 in the Employees Provident Fund (EPF) to finance the purchase.
Mah Sing Group Bhd chief executive officer Ho Hon Sang said that such buyers were facing increasing difficulties in getting their dream home.
“There could be concerns that the EPF amount may be insufficient once they reach retirement age, but the middle-income group’s contribution to the fund will increase, especially since the Government plans to transform Malaysia into a high-income economy,” he said.
“While it would be ideal if property prices go down, that is not possible because construction and other costs, as well as the price of land, have all gone up.”
He said that one way to assist first-time home buyers was to increase their cash flow.
Mah Sing is an exhibitor at the four-day StarProperty.my Fair which ends today at the Publika Shopping Gallery.
Admission is free and the fair, on Level G2, closes at 10pm.
Visitors will be able to check out some of the top developers in the industry, along with their array of interesting projects.
Among these are Ekovest Bhd and IJM Land Bhd, both premium partners for StarProperty.my Fair.
Visitors can participate in certain activities, such as the Creative Robotics Exhibition and Frozen Trees Gift & Premium.
For more information, log on to fair.starproperty.my.