MIEA urges govt to extend housing loan scheme to M40

PETALING JAYA (Nov 1): Malaysian Institute of Estate Agents (MIEA) called for the government's attention in encouraging M40’s homeownership by extending the housing loan scheme to M40 income group as well as a move to stimulate the property market.

The recently unveiled Budget 2022 is a commendable budget as it has offered various incentives to assist the B40 income group, but Malaysian Institute of Estate Agents (MIEA) called for the government's attention in encouraging M40’s homeownership by extending the housing loan scheme to M40 income group as well.

"As Real Estate Agents we did not envisage this as it did not meet our expectations of stabilising the real estate sector especially in the secondary market in a challenging market. While we realize the budget detailed the need to take care of the Rakyat especially those in the B40 segment, those in the M40 has been somewhat left out.

“The M40 is an important sector that caters for the mid segment of the property market and they play a critical role in the new properties and the secondary market. Not all property owners are financially strong,” said the association.

MIEA noted that the newly introduced Housing Loan Guarantee Scheme for the B40 segment should also be extended to the M40 as well as the issue of home ownership as a universal principle where not all property owners are financially strong.

The Housing Loan Guarantee Scheme is to help gig workers, small business owners and farmers with no fixed income and no proof of income to own a home.

Meanwhile, MIEA noted that the budget did not mention anything on the extension of loan moratorium and Home Ownership Campaign, this has left a big vacuum in the market.

“With the loan moratorium period ending, this will have a significant effect as the majority of the rakyat need to have a stable income to keep up with loan commitments and most business have not returned to normal as hoped,” said MIEA.

On the announcement of the removal of RPGT after six years, MIEA said this will have a positive impact on the secondary market.

“Presently it is limited to three residential properties within the year. We are awaiting for more clarity on this extension. This should be coupled with a stimulus for purchase to form a formidable impact on the property market,” said MIEA.

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