Rent to buy is a new concept of buying a house. It still a new method in Malaysia.
The Urban Wellbeing, Housing and Local Government Ministry will introduce the rent-to-own concept to enable low income earners to become property owners under the Hardcore Poor Housing Project (PPRT).
Minister Tan Sri Noh Omar, however, said the introduction of the concept, however, would take place only after getting the Cabinet’s approval.
“We proposed the concept to enable individuals earning RM2,500 or less to own their PPRT units after their loan applications were rejected due to not fulfilling bank conditions, being blacklisted or not having proper payslip to prove their financial standing.
“Maybe we can create a mechanism so that they can pay a monthly (rent)payment of RM200 within a stipulated period and once they complete the payment, they will get full ownership of their units,” he told reporters after attending the ministry’s Aidilfitri Open House here Sunday.
Meanwhile, Noh said the ministry had set aside an allocation of RM500,000 to repair the lift service at Desa Mentari low cost flats in Petaling Jaya.
“I’m so sad to learn about lift malfunctions at the 16-storey flats…I hope the allocation will be used wisely to ease the burden of the residents,” he added.
Article Source: DurianProperty
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