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Rent-To-own Concept To Enable PPRT Flat Occupants To Become Property Owners

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.

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“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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Malaysian market surprisingly resilient after Brexit

The trend or the property market in Malaysia are slowing again.

KUALA LUMPUR: Markets in developing Asia have proven surprisingly resilient a month after Brexit.

A report in the Financial Times said policymakers had been appropriately cautious over the past few weeks in the face of a series of unexpected political shocks, from Brexit to the Turkish coup attempt to a series of terror attacks in Europe.


However, in Malaysia, the FT report said, the local bond market had shaken off not only global events but also local problems, including the fact that US and Singapore regulators were taking action over fraud claims connected to 1Malaysia Development Berhad, backed by Prime Minister Najib Razak.

So far, it said, the search for yield had trumped political risk.

It said government officials, who had been worried both about the prospects for exports amid downgraded global growth forecasts and domestic demand, should be pleased.

They were pleased with Bank Negara Malaysia’s rate cut earlier this month but want further pre-emptive support to ensure stable growth momentum.

Some of the central bank’s staff think this unnecessary, since the economy looks on track to hit the official growth estimate of 4-4.5 per cent for this year.

Najib’s ability to shake off his critics so far is rooted in a strong economy and in keeping unemployment down, so the government will keep pushing for further rate cuts and this is likely to prevail before the end of the year, the FT report predicted.

In Indonesia, the central bank signalled that further interest rate cuts were possible after it held steady last Thursday, but noted that market rates have been responding to the 100 basis points worth of easing already undertaken this year.


The report said the recent tax amnesty bill had helped improve investor sentiment.

Article Source: DurianProperty

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