11 June, NILAI – The stringent housing loan requirements by banks for first time house buyers, especially youths, should be reviewed, said Housing and Local Council Minister Zuraida Kamaruddin.
She said the lack of a second income, inadequate spouse income and National Higher Education Fund Corporation loan repayments were among the factors that impeded loan approvals.
I would like to sit with both the Ministry of Finance and Bank Negara Malaysia to look into how they (banks) can relax a bit (the regulation) for first time home buyers, especially youths.
Besides, we also want to take into consideration the financial standing of youths because some of them might not have any money in their bank accounts but they receive financial support from their parents, Zuraida told reporters after launching Youth City Tower D in Vision City developed by GD Development Sdn Bhd here today.
The Youth City project is part of GD Development’s RM1.3 billion Vision City mixed-development and comprises four towers of 3,123 units of serviced apartments.
The minister said she also planned to modify Selangor Smart Saver scheme, where young couples can rent a state-owned house for two to five years, and introduce it on a national level.
After the (rental) period, the state government will return 30 per cent of the total rental paid and with that money, the couple can use it as a deposit for a new house under the ‘Rumah Selangorku’ housing scheme.
We want to adapt and modify it (the policy) and see how we can assist youths to buy their first house, she said.
Meanwhile, Zuraida also said the ministry would introduce the Women Friendly City concept to benefit all women in Malaysia in the near future.
Even though the concept will focus on women, it is empirical to state that this initiative will act as a catalyst in enhancing security, safety and accessibility for all Malaysians, she added.