Scheme aimed at helping the poor to own homes in Penang

THE Shared Ownership Scheme set to be implemented first in south Seberang Prai, Penang, next year, is expected to help the low-income group to own low-cost homes.

Penang Chief Minister Lim Guan Eng said the scheme is aimed at helping the lower income group, who were unable to secure bank loans to own affordable homes.

“I have heard of cases where they cannot afford to buy houses as they cannot qualify for bank loans due to their low pay. They are unable to apply for 80, 90 or 100 per cent of the loan. So we are trying to help them.

“With this scheme, the state owns 30% and the qualified buyer owns 70%. The new home owner will then pay back the 30% to the state every month without interest. The house will be in their name.

“This is something new in Malaysia. It has never been done before in other states,” he told a press conference after tabling the state’s Budget 2014 during its assembly sitting yesterday.

To take advantage of this scheme, Lim said potential house buyers have to be qualified to buy low-cost homes.

“The state has bought 104 low-cost homes, which are town houses, in Taman Sungai Duri Permai, Sungai Duri in south Seberang Prai.

“These 104 units will then be sold to those who are registered with the Housing Department and who are qualified to buy low-cost homes,” he said, adding that each unit costs RM38,000.

When asked about defaulters, Lim said that they would put their faith in the house buyers, whom he said would be committed to repay the state on time.

Lim added that the state would impose the 3% levy on transacted prices of properties bought by foreigners effective from Feb 1 next year.

“The state is also studying on the implementation of the 2% levy on those who sell their properties within three years of buying their unit.

“The levies on both foreigners and locals are to curb the speculative transactions to control property prices,” he said, adding that the state would also be discussing the proposal with the state housing industry.

Lim added that the state would be continuing the Hire-Purchase Scheme by buying 51 units of low-cost flats in Taman Seruling Emas in south Seberang Prai.

Under this scheme, the monthly rent is RM100 while the maintenance fees is RM20 a month. - The Star