Banks need to reduce interest rates for low-cost, low medium-cost and affordable housing units, says Penang Town, Country and Housing Committee chairman Jagdeep Singh Deo.

“A special rate for this category of home buyers is important as it will assist them in attaining their first home,” he said.

Jagdeep said he had a chat with a representative from the Association of Banks Malaysia during a seminar on MyHome recently.

From the chat, he found out that there was no such effort being carried out, he added.

“We urge the banks to help provide a better rate for first-time house buyers.

“Efforts by the Federal and state governments to introduce various housing schemes will be futile if people are unable to obtain loans from the banks,” he told a press conference.

The press conference was to highlight 1Malaysia People’s Housing Scheme (PR1MA) which has yet to be carried out in the state.

“The state government has yet to receive an official response as per their commitment,” he said.

Jagdeep urged PR1MA corporation chairman Tan Sri Dr Jamaluddin Jarjis to respond on various issues concerning the number of units of PR1MA housing in Penang, the location of the proposed sites for PR1MA projects and the timeline for the implementation of these projects.

Source: StarProperty.my