Penang Rehda to banks: Loosen housing loan rules

PENANG (Feb 14): Banks should reveal statistics of defaulters to “justify” their “strict” rules on housing loans, said Real Estate and Housing Developers Association (Rehda) Penang immediate past president Datuk Jerry Chan, reported The Star today.

“Banks have become a lot stricter on giving housing loans over the years but we found people have been continuously servicing their loans as they want to keep their houses,” said Chan.

*Stamp duties waived for properties under HOC 2019

*Rehda: Developers could work more closely with KPKT under new National Housing Policy

*Rehda: Not location, location, location anymore but location, pricing and type

“We know that the number of loan defaults has not gone up over the years.

“As such, banks should be more receptive to the efforts of the developers and the Government to help people own homes.

“Banks should make it easier to obtain loans,” Chan was reported saying by the English daily after the launch of the Mapex 2019 Home Ownership Campaign at Udini Square here recently.

Chan explained that many people are getting “a second job” to pay service housing loans “with many earning extra money by entering the e-hailing and food industries”.

“Banks should not just look at the payslips or income tax of purchasers and calculate the disposal income as it does not work that way anymore,” he added.

Meanwhile, Rehda Penang chairman Datuk Toh Chin Leong said it was now “a very good time for people to buy houses or apartments” as the government is offering many exemptions.

“The Government has given more than what we asked for.

“There are exemptions on stamp duty on housing loans for homes up to RM2.5 million,” he added.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
  1. Rehda estimates more than RM60b development expenditure in Budget 2022 – CGS-CIMB
  2. Provision of affordable housing: Mandatory policy should be ‘relooked’, says Rehda
  3. REHDA hopes for better dialogue on changes in MM2H