GEORGE TOWN: First-time housebuyers are sure to spur the property market following the introduction of the Youth Housing Scheme.
International Real Estate Federation Malaysia vice-president Michael Geh said the scheme announced under Budget 2015 will help them to own property costing less than RM500,000.
He said the property market had been “cool” for the past six months since the developers interest-bearing scheme was abolished, resulting in many first-time buyers unable to obtain bank loans.
“The scheme shows our Government is well aware of the plight faced by this group.
“It will certainly spur the property market,” he said.
The scheme, a smart partnership between the Government, Bank Simpanan Nasional, Employees Provident Fund and Cagamas, is offered on a first-come first-served basis for 20,000 units only.
It offers a funding limit for a first home not exceeding RM500,000 for married couples between 25 and 40 years old with a household income not exceeding RM10,000. The maximum loan period is 35 years.
The Malaysian Association of Hotels Penang Chapter said that the RM89bil from tourism targeted under Budget 2015 was an ambitious figure.
Its chairman Khoo Boo Lim said the RM316mil allocation for various programmes under the Ministry of Tourism and Culture should be used wisely to ensure good returns. - The Star
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