Two generation loan payment scheme can help Penang Malays own houses

BUTTERWORTH (Penang): The government plans to expand the two generation loan payment scheme to help Penang Malays own houses, Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop said.

"The long payment period will benefit the Malays. The two generation payment scheme was implemented by some banks on an ad hoc basis and found to be effective," he told reporters in Telok Air Tawar near here on Sunday May 9.

He said another mechanism being considered was to create a revolving fund to help transfer house ownership.
"We have to discuss ways to implement it but basically, the revolving fund will be used to build and sell the houses."
Nor Mohamed said more affordable houses would be build to meet the needs of the Malays in Penang.

"The price of houses in Penang are getting higher and thus beyond the reach of the Malays," he said. The government plans to build all categories of houses to meet the needs of the low income, middle income and high income groups.

"We will build houses in all categories costing RM80,000, RM150,000 and RM250,000," he added.
Prime Minister Datuk Seri Najib Tun Razak had asked the Economic Planning Unit (EPU) to increase allocation for housing the Malays in Penang under the Tenth Malaysia Plan (10MP) - Bernama