The Housing and Local Government Ministry will meet the Finance Ministry and Bank Negara Malaysia (BNM) to discuss difficulties faced by first-time house buyers to get loans.

Its minister Zuraida Kamaruddin said the ministry will find the best mechanism to ensure related issues can be resolved, especially involving applications for the purchase of affordable houses.

“I am now coordinating credit rating issue for low-cost houses and after that we will meet the Finance Ministry and BNM, most likely after Hari Raya Aidilfitri.

“The common issue faced by (first-time) housing loan applicants is banks look at the salary first and it may show they are not qualified (to get loans). But many Malaysians, especially the low income group, have side income and their spouses are also income earners.

“The side income is not taken into consideration for loan application. If that is the issue, we will find how we can include it,” she told reporters after meeting Penang State Housing and Town and Country Planning committee chairman Jagdeep Singh Deo today.

Zuraida said she will table a cabinet paper on the coordination of housing projects under the ministry, latest by next month.

“We have 10 housing projects under various agencies and we will coordinate all of them under this ministry,” she said.

She also said projects that used the term 1Malaysia will be rebranded and the ministry will find a suitable name to replace it based on the Cabinet’s approval.

In regards to foreigners staying at low and medium cost houses, Zuraida said the ministry will study it from the legal perspective including the sales and purchase agreement terms and conditions, which likely can be settled as soon as possible.

Source: New Straits Times