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Government to introduce new housing loan for M40, B40


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3 July, PUTRAJAYA – The government is expected to introduce a new housing loan scheme to help the Middle 40 (M40) and Bottom 40 (B40) household groups to buy houses.

Housing and Local Government Minister (KPKT) Zuraida Kamaruddin said a meeting was held last week between the ministry and several agencies, including Bank Negara Malaysia (BNM), financial institutions, the Employees Provident Fund and the Ministry of Finance on houses which were completed but remained unsold.

Following the meeting, BNM is formulating a set of guidelines to introduce relaxed loans for house buyers.

Although still at a preliminary stage, the full scheme will be presented to KPKT in August before the new housing loan can be launched to benefit the M40 and B40 households, she told reporters today.

Zuraida said this when asked to comment on a report from the National Property Information Centre which reported that RM22 billion worth of completed houses remained unsold across Malaysia as of the first quarter of this year.

She said among the factors contributing to the unsold houses were unfavourable location, and high cost and loan factor.

Meanwhile, on the redevelopment of the Highland Towers site in Hulu Kelang, which was abandoned following the tragic landslide in 1993, the minister said the Highland Tower Special Committee, chaired by KPKT Secretary-General Mohamad Mentek, had identified 111 of the 138 Highland Towers condominium owners.

In order to demolish the site for redevelopment, we need the agreement from all 138 owners, Zuraida said.

The remaining 27 unidentified owners are urged to see the Insolvency Department or KPKT before July 16, 2018, which will be the date the special committee meets again.

She also said the developer has been identified as Regal Field Development.

They feel happy that they can move forward to redevelop the area and the company has submitted several proposals.

If any of the proposals is attractive, it can be a joint-venture between KPKT and Regal Field, Zuraida added.


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