Gov't seeks non-banking finance providers to help ease housing glut



To ease the housing glut which mainly arises from loan rejection, the Housing and Local Government Ministry is looking to work with financial providers other than banks to provide home loans.

The ministry’s deputy minister Raja Kamarul Bahrin Shah Raja Ahmad (photo, above) said there is still demand for houses but due to strict financial requirements set by the banks, many potential homebuyers couldn’t buy the houses they desire.

“Hence, we are looking to collaborate with other sectors to ease the people’s financial burden,” he said at a press conference after the launching of Placemaker Week Asean in Kuala Lumpur today.

He added the government had extended the Home Ownership Campaign (HOC) which commenced early this year for another six months as there is a demand for it.

During the HOC’s first six months, over 8,000 units were sold with a transaction value worth RM5.7 billion.

However, this only constitutes 30 percent of the total units offered.

Meanwhile, Raja Kamarul Bahrin said as cities continue to develop, it’s important to remain sustainable and liveable, in line with the United Nation’s Sustainable Development Goals.

“As the community grows, public spaces are important for everyone. The government and local authorities will continue emphasising the need for it.

“I hope the private sector will continue collaborating with us to create better common spaces,” he said.

The Placemaker Week Asean, the first programme to promote community-driven public spaces, is presented by ThinkCity and UN-Habitat and co-presented by Nextdoor Property Communications.

It will be held at selected locations in Malaysia including Johor, Penang and the Klang Valley from Nov 4-8, focusing on three themes - waterfronts, historical streets and healthy communities.

- Bernama