Speaking during his Budget 2020 speech in Parliament on Friday , Finance Minister Lim Guan Eng said this was to reduce supply overhang of condominiums and apartments amounting to RM8.3bil in the second quarter of 2019.
"The scheme also offers a 10% loan guarantee through Cagamas to enable borrowers of full financing and RM200 monthly instalment assistance for the first two years limited to 10,000 home units," he said. He added that as of September, 2,840 applications amounting to RM472.7mil had been received with the approval rate of 77.9%, amounting to 982 applications approved worth RM156.2mil.
"As many as 21,000 property units valued at RM13.44bil under the Home Ownership Campaign have been successfully sold, exceeding the RM3bil initial sales target.Lim said that a Rent To Own financing scheme has been set up for those unable to afford the initial 10% deposit and access financing in buying their first home.
What kind of house can you buy for $600k? A dog kennel? Foreigners are used to living in luxury not seen in Malaysian houses, so what kind of foreigner are you attracting by lowering the threshold. Only people like Banglas and Pakis would buy places like that.
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