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KUALA LUMPUR (Oct 4): Scientex Bhd managing director Lim Peng Jin hopes that more mortgage loan assistance measures will be announced in Budget 2017.
In a statement on the developer’s wish list for Budget 2017, Lim said demand for affordable homes is still on the rise but take-up rates do not reflect that owing to buyers’ inability to secure financing.
“The existing approval criteria, margin of financing, and limited availability of loan providers may be prohibitive for many of these buyers, which prevent them from owning their first home or upgrading to a larger space,” he said.
He believed a review of lending policies and introduction of more loan providers for the lower income group, leading to more flexibility in eligibility requirements, would help raise home ownership and improve the well-being of fellow Malaysians.
“We urge the government to expedite the approval process for affordable home buyers, in line with the objective of enabling every Malaysian to own their own homes,” Lim said.
He added that with the current prolonged loan approval process, housing developers are facing delays in the construction of these high-priority homes, inefficiencies in resource allocation, and higher project costs.
“Hence, a shortened timeline would yield a win-win situation for both homebuyers and developers,” he added.
Scientex is an industrial packaging manufacturer and property developer focused on south Peninsular Malaysia. Its property arm has township development projects in Johor (Pasir Gudang, Kulai, Skudai, Senai, and Pulai), and in Melaka (Ayer Keroh). To date, Scientex has delivered more than RM2.6 billion worth of properties and has projects-in-hand of RM1.5 billion.
