BNM And Election Commission To Join Developers At Penang Affordable Housing Expo

July 31, 2018

 

House hunters looking to snag a modestly priced home are in for a treat as a total of 6,284 housing units will be featured at the Penang Affordable Housing Expo.

To be held on 18 and 19 August at Prangin Mall in Penang, the property expo will showcase the projects of 13 developers, who will be joined by three government bodies, namely Bank Negara Malaysia (BNM), Election Commission (EC) and Penang State Housing.

Penang Local Government, Housing, Town and Country Planning Committee Chairman Jagdeep Singh Deo explained that BNM was invited to help advise potential buyers on how to obtain bank loans, reported The Star.

“As mentioned previously, getting bank loans is the biggest challenge for first-time home buyers,” he said.

 

More: Find Out Ways To Enhance Your Credit Score

 

“Following my meeting with Housing and Local Government Minister Zuraida Kamaruddin on June 4, meetings have been held to tweak this ‘one-fit-all’ policy imposed by commercial banks.”

Jagdeep hopes all excos across Malaysia will be invited to provide their input before the unveiling of the policy at the end of the year.

Separately, he revealed that the Selection Process Enhancement Committee (SPEC) has significantly reduced the waiting period for low medium-cost and low-cost housing.

“When SPEC was formed in September 2013, there were housing applications dated all the way back to the 1970s.,” he said.

“However, we have cleared most of these ‘last century applicants’, and we are now hovering at two to three years of waiting.”

He noted that the waiting period is dependent on the area as well as the applicant’s racial background.

 

Image sourced from Sam Kam

 

This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my

 

Looking at buying your first property in Penang? Search for properties within our extensive range of Project Reviews. But first, find out what is your Debt Servicing Ratio and how eligible you are to secure a housing loan

POST COMMENT

You may also like these articles

Penang Urging The Federal Government To Build More Housing Projects With No Price Hike

  The Penang state government gave its assurance that there will be no increase in the ceiling prices of different types of government-subsidised homes there, reported The Malaysian Insight.“Many p

Continue ReadingJune 26, 2018

MAPEX Penang Home Buyers To Be Exempt From Approval Fees Within 1st Month Of Purchase

 People who purchase homes at the upcoming Malaysia Property Expo (MAPEX) 2018 in Penang will be exempted from paying approval fees if they complete the deal in one month, reported Free Malaysia

Continue ReadingJuly 10, 2018

Penang Gov’t Has Fulfilled Its Housing Pledge Within 2 Months, Jagdeep

 Just two months after coming into power, the Pakatan Harapan government has already surpassed the 75,361 affordable housing units pledged under the GE14 manifesto.This comes as the state government

Continue ReadingJuly 24, 2018

Feedback