A First-Time Home Buyer-Friendly Budget 2015, Says IProperty Malaysia

KUALA LUMPUR, Oct 11 (Bernama) -- Formulated with the focus on being a people’s economy, the Budget 2015 announced on Friday addressed the issues of home ownership at affordable prices, says the country's leading property website iProperty.com Malaysia. Lauding the government for introducing more schemes to meet the rising demand for affordable housing, Group Chief Executive Officer Georg Chmiel said the measures introduced will be helpful for first-time buyers looking to get into the property market. "The rent-to-own scheme, introduced for individuals who are unable to obtain bank financing under the PR1MA scheme, is one that many Malaysians will find beneficial," he said in a statement. Data from the Department of Statistics Housing Income Survey 2013 showed that 80 per cent of Malaysians earn less than RM6,900 per month (US$2,156)and cannot afford houses priced higher than RM300,000 (US$93,750). "According to Selangor State Development Corp, there was a 70 per cent rejection rate for first-time house buyers," added Chmiel. Chmiel also commended the government for introducing various measures to improve public transportation in the country with the building of four highways, the upgrading of the East Coast railway line, the construction of the 56km second MRT line and also the LRT 3 project. "Forty per cent of our survey respondents wanted the government to address the need for better public transportation and we are pleased that this need has been addressed," he added. (photoBERNAMA) -- BERNAMA