KUALA LUMPUR, Sept 6 — The MCA today urged Bank Negara to consider limiting its proposal to cut housing loans by 10 per cent to those purchasing homes worth over RM500,000 in its efforts to curb speculation in the property market.
Its president Datuk Seri Dr Chua Soi Lek said this would help to ensure that those in the lower and middle-income groups would still be able to afford to own houses.
“Bank Negara's proposal to cut housing loans by 10 per cent from the current cap of 90 per cent to avert the risk of a potential property bubble should only be imposed on houses that cost over RM500,000.
“To ensure that the low and middle-income groups can afford to own houses, house buyers who purchase houses below RM500,000 should be allowed to flexibly choose whether to take the proposed 80 per cent or the original 90 per cent loans,” he said in a statement this evening.
Dr Chua said a flexible loan cap based on house prices would be better in protecting house buyers.
“It would better protect the benefit of such buyers although the proposed loan cap will help in stabilising house prices especially in some parts of the Klang Valley and in Penang,” he said.
He urged Bank Negara to first conduct a thorough study on the impact of its proposal before implementing the loan cut.
“This is to ensure there is a healthy growth in the housing industry,” he said.
It was reported on September 2 that the central bank was engaging with other banks on the possibility of measures to curb excessive speculation on property prices.
It was suggested that the central bank cap the loan-to-value ratio (LVR) for mortgages at 80 per cent. At present, most banks allow loans of up to 90 per cent of the value of the property.
Several groups have however voiced concerns over such a move, pointing out that it would only discourage Malaysians from buying houses as many would find it difficult to fork out a downpayment of 20 per cent of the property's value.
(Harga market untuk rumah2 baru sekarang semakin mengarut...terlalu tinggi untuk dibeli oleh golongan average kat Malaysia ni...Rumah landed intermediate pon dah cecah rm500k...yang beli rumah rm500k tu expect nak jual berapa plak? rm700k? Sapa yang nak beli? Kalau amik loan 500k, installment bulan2 pon dah cecah rm2k...cuba kaji balik berapa ramai golongan pekerja kat malaysia ni yang mampu nak bayar installment rm2k sebulan untuk rumah? Semakin lama target market yang akan mampu membeli rumah2 mahal ni semakin berkurangan. Last2 nanti supply exceed demand, haa time tu menganga je la sapa yang masuk lewat dalam frenzy ni...tergolek2 la korang..)