FD Iskandar recommends 2018 Budget To Consider Inclusions For Home Buyers

​The Real Estate and Housing Developers’ Association (REHDA) in Malaysia, has outlined numerous strategies for the authorities to incorporate in the 2018 budget to enable people irrespective of their financial status be able to purchase their first home.

The organization anticipates that the government would relinquish the Goods and Services Tax (GST), paid on construction materials used in building low cost houses to RM 500,000 or even below.

This according to Datuk Seri FD Iskandar, REHDA’s President, would reduce the cost of residential properties all over the country.The group is also coaxing the government into implementing the Home Ownership Assistance Programme (HOAP) as this would further aid home builders acquire some mortgage interest even while their property is under construction.

HOAP’s sole objective is to lessen the burden on home buyers who are expected to pay their rent along with the various interests incurred on their housing loan during the construction stage. They beamed that this consideration should be made available to people buying their homes at RM500,000 and below as well as to those who have disposed of their old homes. An additional amendment is to allow buyers have access to their Employees Provident Fund(EPF) account to enable them out rightly pay the first 10 percent down payment for their homes.

REHDA furthermore, needs the efficacy of the stamp duty absolution extended from the 31st day in December 2018. This extension should also cover low cost houses with higher price tags.

They also hope that the government will open up a special end-financing scheme for PRIMA homes that issue out loans to empower approximately 90 to 100 percent of the acquisition price.

The group also needs the various constitutional fee structure involved in purchasing homes to cost about RM 500,000 and below or be reconstructed to its old skeleton.In order to upsurge the supply of low cost houses, the organization is further more requesting the authorities to apportion both state and federal government owned land for building such homes. It should also aim at providing low cost homes where the demand is high.

In order to lower the prices of such homes, REHDA desires the government will either eliminate or decrease the worthless charges added for the development of these houses.

For example, Private organizations shouldn’t be allowed to impose capital charges on already developed projects.

Additionally, the minimum cost for foreign property consumer should be based on locality. Prices of homes located in urban areas of Lumpur and Kuala should be entirely different from those in rural areas.

Some of these urban areas include: Selangor, Negri Sembilan, Melaka, while some rural areas include: Kedah, Perak, Pahang, Kelantan, and Sarawak.

Finally, REHDA’s FD Iskandar anticipates the standardization of the Bumiputra areas in all states. Opining that it’s capped at 30 percent while unsold sections should be given up to the open market.

In the same vein, the deduction quota for Bumiputra sections should approximately be about three percent for residential homes while seven percent should be for commercial residents with the elimination of luxury homes.

Release ID: 252673