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.
“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
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