Excerpt From 2012 PM Najib Budget on ‘Abandoned Housing Projects/Failed Residential Projects’, ‘Revamped of Islamic Banking Loan to face with Abandoned Housing Projects/Failed Residential Projects’ and ‘Rehabilitation of Abandoned Housing Projects/Failed Residential Projects’

From: http://thestar.com.my/news/story.asp?file=/2011/10/8/nation/9657019&sec=nation (accessed on 9 October, 2011)

“Affordable Homes For The Masses

VARIOUS initiatives have been put in place under Budget 2012 to make house ownership more affordable.

The maximum price of houses under the My First Home scheme will be increased to RM400,000 from RM220,000, and eligibility will be through joint loans of husband and wife from January 2012.

The 1Malaysia People’s Housing (PR1MA) will be the sole agency to develop and maintain affordable and quality homes, especially for the middle-income group, and it intends to develop several plots of government-owned land around Sungai Besi and Sungai Buloh for this purpose.

PR1MA will also develop areas near public transport system lines, such as the MRT and LRT, for housing.

The Government will waive stamp duty on loan instruments for the purchase of PR1MA houses.

To prevent the risk of delayed and abandoned housing projects, Islamic banks have agreed to provide syariah-compliant financing and undertake construction risks to encourage the building of houses costing RM600,000 and below.

They will use the build-then-sell concept that allows instalments to start after the house is completed.

Under the mesra rakyat, or people-friendly project, national housing corporation Syarikat Perumahan Negara Bhd will build 10,000 units that will be sold at RM45,000 each.

The Government will also rehabilitate 1,270 abandoned houses with an allocation of RM63mil.

Another RM40mil will be allocated for restoration and maintenance of public and private low-cost housing.

To provide a more conducive environment for expatriates to continue working in Malaysia, the Government will allow them to make withdrawals from their EPF contribution for the purchase of a house.

With an allocation of RM300mil, a Special Housing Fund for Fishermen will be set up to build and refurbish houses for fishermen with basic infrastructure.

More social assistance centres, known as Anjung Singgah, will also be set up in Johor, Penang and Sarawak to help the homeless” (emphasis added).

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