Chow Kon Yeow

KUALA LUMPUR (June 23): There will be more options for Penang homebuyers as the state government plans to revive its rent-to-own (RTO) home programme.

Chief Minister Chow Kon Yeow said a number of low-cost housing projects in the pipeline will adopt the RTO concept, The Star reported today.

“It is an existing policy but it ‘disappeared’ over the years. So now, we want to revive it.

“Although a low-cost unit is sold at only RM42,000 and a low medium-cost unit at only RM72,000, there are still quite a number of people who failed to obtain a bank loan for the units,” Chow told The Star after visiting the Penang Island City Council flats in Ah Quee Street.

“Under the rent-to-own policy, the monthly rental will be taken as instalments for the unit. At the end of the day, the unit will be owned by the tenant.

“We want to help the low-income group so they can have their own home,” he explained.

Chow said one of the projects would be in Mak Mandin.

Last week, state Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said he vowed to provide more homes under the RTO scheme.

“I have received approval from the Housing and Local Government Minister Datuk Zuraida Kamaruddin to convert two projects in Seberang Jaya that have already been completed into rent-to-own housing schemes.

“Some people cannot afford to even buy a low-cost house.

“The tenants will pay rental every month and after a certain period of time, they will become the owner,” he said.

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