Kedah-based developer Bina Darulaman Bhd (BDB) urged the government to speed up the process of delivering affordable homes by providing a green lane in approving development submissions like building plans, development orders and land matters.
A reduction in development charges would also be a welcome move for developers as it would help ease pressure on margins, said BDB group managing director Datuk Izham Yusoff.
Incentives – which could be in the form of a combination of discounts on development charges, tax incentives and expediting approval process – should also be given to developers involved in first time home buyers schemes, he said.
Izham revealed that the BDB wishes to see the middle 40 (M40) and bottom 40 (B40) household income categories be given more flexibility in financing in terms of loan-to-value (LTV) ratio, margin and approval process particularly for first-time homebuyers.
“BDB also believes that extending the loan tenure from 35 years to 40 years will benefit the market considering the first-time homebuyers’ financial capability,” he said.
“Increasing the percentage of withdrawal from EPF to purchase a house or reducing mortgage repayment will help ease house buyers to not only reduce their upfront commitment but also their monthly commitment.”
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email firstname.lastname@example.org