Jul 12, 2010
Have hire-purchase scheme to help buyers, govt urged
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| Seeking a solution: Tan advising PPR low-cost unit buyers who were unable to obtain a bank loan. |
THE Government should implement a hire-purchase scheme to enable residents to buy the PPR units they are currently renting instead of asking them to take a bank loan, Persatuan Masyarakat Selangor & Wilayah Persekutuan (Permas) president Tan Jo Hann said.
“They could also help those who cannot afford to buy low-cost houses to secure bank loans at special interest rates like from the Tabung Perumahan Ehsan previously introduced by Ambank,” he added.
Tan said poor families often faced difficulties trying to secure bank loans to buy their houses, especially when they are seniors or have no salary slips and do not qualify for the loans.
According to Tan, with a hire-purchase scheme, the Kuala Lumpur City Hall (DBKL) and the buyer can work out a system that is agreeable to both parties. An ideal system would be to offer the units at a monthly rate of RM124.
He said the hire-purchase scheme was introduced in the early 1980s for old developments like Razak Mansion and even for projects by the PKNS and it had worked well.
He added that Permas has been advocating the hire-purchase scheme for years to enable the poor to afford houses.
Bandar Tun Razak MP Tan Sri Khalid Ibrahim, whose constituency has the most number of PPR flats, said DBKL must find a scheme that will pose the least financial burden to the owners.
“Many are unable to get a bank loan as they do not meet the required criteria,” he said.
Cheras MP Tan Kok Wai said the government should set up a fund to help the poor buy their houses.
According to a DBKL source, about 18,000 offer letters were sent out to eligible buyers but only 11,226 had responded. However, so far less than 1,500 had bought the units.
The source added that 957 had paid cash for their units while the balance of 543 opted for a standard bank loan.
When asked to comment on the poor response, the source said many were unable to obtain bank loans, but since the offer was indefinite they can opt to buy the units at a later date when they could afford it.
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