Budget 2017: Sunway hopes for tax relief on housing loan interest

PETALING JAYA (Sept 30): Sunway Property has expressed hopes that the government can continue with policies that encourage property purchase and ownership in its Budget 2017 proposals.

“We believe initiatives to assist first time homebuyers should be extended and continued,” said the property developer in a statement today.

“We hope that the government can consider re-introducing the income tax relief on interest for housing loans by individuals. This relief had previously been provided for properties purchased between March 2009 and December 2010,” the developer noted.

It added that the relief will help increase disposable income and in turn, increase the ability of individuals to purchase or upgrade their properties.

“Similar tax reliefs are also available in countries like Australia and the UK,” it said.

Meanwhile, Sunway also noted there have also been suggestions to increase the allocation of funds in the Employees Provident Fund (EPF) Accounts 2 from 30% currently.

“We concur with this proposal as it will allow property purchasers to withdraw a greater amount from their Accounts 2 to help with the down payment, especially those who have been granted a lower margin of financing from the banks. We believe property ownership is also a form of savings and will not negatively impact the EPF contributors or their retirement plan,” it said.

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