Good for the gov to help the needie, but why can't the gov act more fairly?

How about self-reliance people who are also middle income earners but already bought property by committing to long housing loan tenure (30-35 years)? Why aren't the gov showing appreciation to these self-reliance people by giving tax deduction for their housing loan interest?

Instead what we have here is free money (up to RM30k) for a few lucky family/individuals who may not even bother to save some money to get their first house/apartment???!!!!

This post has been edited by iGamer: Apr 11 2016, 01:35 PM

That is not science fiction, that's a GENERAL fact of reality.

Of course there are always EXCEPTION where some poor manage to get rich or rich become bankrupt. But the general trend of rich become richer makes logical sense in that the rich will manage to provide better education for their next generation. A poor can study hard to local university, but a rich can send their children to overseas high end university, where their children can mingle and build up NETWORKING with other rich children and family, which opens up even better prospect than a poor local university student will ever have.

While the poor or middle income is slaying their whole life to pay for housing loan interest (a housing loan typically doubles the original house price by the time the loan is cleared), the rich are investing their excess money to earn even more. The poor are always spending a big chunk of their income on daily necessity and have little left to invest (limited option of investment for the poor due to their small amount of money).

The problem is whether the gov is making proper policy to ensure that they are giving out economical assistance fairly and proficiently, or are the gov promoting "tongkat" cultures.

Are you sure? I don't see anywhere the gov mention pay back or duration for pay back.

At the moment there's these 3D
1st D- Difficult to get housing loan approved;
2nd D- Difficult to get car loan approved (news reported about 60-70% reject rate);
3rd D- Difficult to get credit card approved (Really this is unheard of before, but it's true)

The stringent policy adopted by most commercial banks may be a hint that the banks are REALLY worried about the current economy and bubble burst, otherwise commercial banks would welcome any business/client they can get.

This post has been edited by iGamer: Apr 11 2016, 04:44 PM

The deduction is limited to certain property purchased in a specific year only. The other alternative is the property under housing loan is rent out and the interest is deducted from the rental income. But we cannot deduct housing loan interest we occupied ourself.

That's the main confusion right now. None of the official website remotely indicate whether this "assistance" need to be repaid or not. It would be rather ridiculous for the gov to subsidy a whopping RM30k for new house buyer when the gov itself is losing it major income from Petronas, and that the amount of subsidy is way too much (but actual beneficiary is around 6,666 family/individuals only, RM200million/RM30k).

It is only in BolehLand that the gov can open such scheme for application when the terms and conditions are all very sketchy and unclear. Guess that is why this is BolehLand and forever behind the tiny island in the south. Dumb gov run by dumb politicians.

If you're eligible, no harm in applying. Once approved and got all the T&C, then only decide to really sign the actual agreement or not. Even if need to pay back, if the interest is low or zero, then you've already gain from that.

You mean the gov should subsidy your housing loan interest.... that is wishful thinking.... It would takes a super rich gov like UAE to be able to do that, ours one is on the verge of "pokai".

No, that statement only means the buyer is forbidden to sell the unit within 10 years.

If you sell within 10 years, they will confiscate your house and feed you to the Malayan tiger in zoo negara.
For T&C, the minister will make it up as they go along, they are good at that.

Ooops.... it's official, the RM30k need not be repaid to gov, so it is free money.

What kind of f#ck up logic is in the mind of our officials/ministers? The gov to give free money of RM30k to buyer who is earning up to RM9,999 and buying a property up to RM500k....... Imagine a low income family having to fully pay their RM50k low cost flat.... they may be asking why gov can be so generous towards a 10k income dude and paying more than half the price of their flat......?

Truly Bolehland.

Nope, this scheme can be apply on any new/sub-sale property below RM500k, so it won't trigger effect as per what you wrote. It's really mind blowing that at this time of financial hardship (gov losing Petronas income), gov "working real hard" to collect extra tax from people (GST), they are giving out free money in large sum (RM30k is huge) to very limited people that may not be the deserving group (one who earn 10k but can't save enough money for house deposit???????). This is not the correct way of doing welfare, this is wastage for short term political popularity.