PETALING JAYA (Oct 26): In encouraging homeownership, the government could consider providing financial assistance with down payment of homes for first-time homebuyers, said IOI Properties CEO Datuk Voon Tin Yow.
“In [the] tertiary education [level], the government provides the PTPTN loan (education loan) where financial assistance is given [to fund one’s studies]. Along the same lines, this can also be [applied] to the housing industry for first-time homebuyers.
“The loan can be structured in a way which is sustainable. We noticed that many of these purchasers have the means to service the loan but they don’t have enough money for the down payment, that 10% to 20%. This programme is meant to bridge the gap of that 10% to 20%, but of course the loan can be extended to cover the financing. Then, when they sell the property, they can contribute a share of the profit proportionate to the contribution of the funding to make it sustainable on its own,” Voon explained.
The newly minted CEO has voiced this idea during tonight’s debut of the CEO Talks which was streamed live on EdgeProp.my’s Facebook and YouTube. The CEO Talks is powered by Henry Butcher Malaysia (Mont Kiara) Sdn Bhd.
In the exclusive Live interview with EdgeProp.my editor-in-chief and managing director Au Foong Yee, Voon also shared his views on the measures that could catalyse Malaysia’s property market amidst the economic uncertainty and Covid-19 pandemic.
Other than offering down payment assistance, he noted that other useful measures include low interest rates and flexible payment plans.
“While this is a programme which needs thorough deliberation, nonetheless it serves as an idea that can be mulled over,” he highlighted.
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