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Join hands over Penang home loan rejection issue

March 3rd, 2017 Leave a comment 中文版

join-handPenang Pakatan Harapan and Barisan Nasional (BN) submitted today a historic joint motion to the prime minister to address high loan rejection rates affecting home buyers in the state.

State executive councillor Jagdeep Singh Deo said state Opposition Leader Datuk Jahara Hamid had signed the joint motion together with Penang Chief Minister Lim Guan Eng.

“I believe this is a historic moment to have a joint motion signed by the chief minister and opposition leader.

“Never before in the history of Malaysia has both parties put aside their political differences to come together to help the people,” he said.

He hoped that with the submission of this joint motion to Datuk Seri Najib Razak, a special taskforce will be set up to address the issue.

“I am sure there are a lot of consequential issues to discuss with Bank Negara, the Housing Ministry and other respective states,” he said.

He also thanked Jahara for agreeing to sign the joint motion with the Pakatan Harapan state government.

“I hope we will be able to meet when a meeting is convened by the federal government on this issue,” Jagdeep said.

The joint motion, signed on February 22, urged the federal government and Bank Negara to immediately resolve the high housing loan rejection rate by commercial banks, especially for low cost, low medium cost and affordable housing buyers.

The motion also urged the federal government to introduce a new housing policy to ensure that low cost and low-medium cost home buyers are not allowed to rent out their premises.

The current provisions under the Housing Development (Control and Licensing) Act, or Act 118, state only a standard format for the sales and purchase agreement for all housing units, without a special clause stating that low cost and low-medium cost units must only be inhabited by its owners.

The joint motion was sent with a cover letter to Najib today and copied to Bank Negara and the Urban Wellbeing, Housing and Local Government Minister Tan Sri Noh Omar.

Source: TheMalayMailOnline.com

 

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  1. kjn
    March 3rd, 2017 at 13:06 | #1

    These people just don’t get it, do they? When a person’s loan gets rejected, that means based on his income, he cannot afford that mortgage. If you force the loan through, a default would be the likely outcome. Simple as that, so difficult to understand meh? *sigh*

  2. kjn
    March 3rd, 2017 at 13:09 | #2

    And why are we in such predicament? It’s simply because the gov has not done a good job in creating decent paying jobs that would allow these people to own what they aspire.

  3. zhenzi
    March 3rd, 2017 at 16:47 | #3

    @kjn
    Yes, Malaysians are generally underpaid (comparatively) !

  4. bamboo
    March 4th, 2017 at 06:46 | #4

    Higher income will only push the house prices higher

  5. JordanLee
    March 5th, 2017 at 23:45 | #5

    “The motion also urged the federal government to introduce a new housing policy to ensure that low cost and low-medium cost home buyers are not allowed to rent out their premises.”

    Actually, I totally do not agree with this statement. Because, first of all:-

    1. Low Cost & Low Medium Cost were suppose to benefits the poor.
    2. One day those poor people will be richer and they might not stay there forever.
    3. Thus, it will be left empty or maybe they rent out if they are still poor.
    4. Since, renting can be a source of income to those poor people.
    5. Isn’t it can help those poor people to be medium income people?
    6. If the goverment stop those Low Cost or Low Medium Cost or Affordable of being rent out.
    7. Is not it they are suppressing the poor people to be poor forever?
    8. Why can’t those all high income goverment people and goverment servant use their brain to think?
    9. The problem with people renting out their unit is not the problem.
    10. The main root problem is those Rich people are able to buy those Low Cost and Low Medium Cost.
    11. Isn’t it a time to ponder and think “why the rich people manage to buy the property?
    12. So do you think there is problem with the allocation by goverment to the people? or do you think the goverment is right when they suppress the poor to be poor forever?

    Please use brain to think, the root problem is the allocation to rich people.

    Regards
    JordanLee

  6. productioj
    March 6th, 2017 at 12:51 | #6

    kjn :
    And why are we in such predicament? It’s simply because the gov has not done a good job in creating decent paying jobs that would allow these people to own what they aspire.

    people tend to blame the govt for everything, but never their productivity. wanna work less, earn more

  7. kjn
    March 6th, 2017 at 14:01 | #7

    @productioj

    You could be right, they have only themselves to blame for not being able to get a home loan. I urge the authorities not to consider making it easier for them to get a house loan, that might screw up our whole economy.

  8. Affordable Rental apts
    March 6th, 2017 at 15:02 | #8

    Best for State Govt to build affordable housing for RENT only and not for SALE.
    Not to generate profit for developers acting as PM project managers and Not to create extra revenue for govt arms.
    Fix the Rental Charge based on household income of suitable families eg. minimum charge + % of household income.
    No more distortion of market price and quick profits for priviledged parties.

  9. kjn
    March 6th, 2017 at 16:53 | #9

    @Affordable Rental apts

    “quick profits for priviledged parties”?? Interesting. Care to share that info?

  10. penang_lang
    March 12th, 2017 at 10:35 | #10

    @Affordable Rental apts

    Rent for life? Gila proposal…

  11. ryu
    March 12th, 2017 at 12:10 | #11

    If affordable house can rent out to outsiders, why people (open market) intend to spend 50k to enjoy such benefits same as affordable units? It is unfair to those purchasers and other people. The main purpose of buying an affordable house is to stay, not to rent.

  12. BohLanHoot
    March 13th, 2017 at 11:39 | #12

    @ryu

    What they are referring to here for ” must only be inhabited by its owners.” only involves LOW COST & LOW-MEDIUM COST. Low Cost Flats –> RM 42,000. Low-medium cost flats –> RM 72,500.

    So I believe it is not related to the “spend 50k to enjoy such benefits same as affordable units?” as what you mentioned.

    Many people are confused with all these labels of LC, LMC, affordable etc. I would suggest the authority concerned look into it, maybe run an awareness campaign, do a re-labelling if needed, so that the confusion won’t be used for politics.

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