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Budget 2020 Housing, Yay or Nah..
TSseancl85
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Oct 11 2019, 06:01 PM, updated 5y ago
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Housing Budget 2020
-RPGT base year for asset purchase revised to Jan 1, 2013 for asset acquired before that date
-To reduce supply overhang of condominiums and apartments amounting to RM8.3 billion in the second quarter of 2019, govt will lower the threshold on high rise property prices in urban areas for foreign ownership from RM1 million to RM600,000 in 2020.
-Govt to extend Youth Housing Scheme administered by Bank Simpanan Nasional from Jan 1, 2020 until Dec 31, 2021. The scheme also offers a 10% loan guarantee via Cagamas to enable borrowers to get full financing and RM200 monthly instalment assistance for the first two years, limited to 10,000 home units.
-Public Sector Home Financing Board to offer free personal accident insurance for up to two years to new government housing loan borrowers
-To help those who can't come up with 10% deposit or get financing to buy homes, govt will collaborate with financial institutions to introduce the rent-to-own (RTO) financing scheme, where up to RM10 billion will be provided by the financial institutions, with the governnment supporting via a 30% or RM3 billion guarantee. This RTO scheme is for purchase of first home up to RM500,000 property price. Under this scheme, the applicant will rent the property for up to 5 years and after the first year, and the tenant will have the option to purchase the house based on the price fixed at the time the tenancy agreement is signed.
This post has been edited by seancl85: Oct 12 2019, 01:47 AM
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digitalz
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Oct 11 2019, 06:14 PM
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QUOTE(seancl85 @ Oct 11 2019, 06:01 PM) Housing Budget 2020 -Rent-to-own scheme worth RM10 billion to help those who cannot afford the 10% downpayment for purchase of homes worth up to RM500,000. -Under the scheme, applicants enter into a five-year rental agreement with the option to buy after the first year. -To address glut in unsold condominium and apartment units worth some RM8.3 billion in Q2 2019, the threshold will be decreased for foreign buyers from RM1 million to RM600,000 for urban properties.-Youth Housing Scheme by Bank Simpanan Nasional to be extended to end of 2021. -RM100 million for repair and refurbishment of public housing. I BOLDED the point lol. Would it be helping the people? The influx of foreign investments is good for the country but the properties will only be held by foreigners instead of the locals. How about the risks of properties being auctioned later? Why not promote other stuffs that would help the people to own houses instead? Then again, that's just me thinking out loud. This post has been edited by digitalz: Oct 11 2019, 06:15 PM
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Red_rustyjelly
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Oct 11 2019, 06:20 PM
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define urban?
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Red_rustyjelly
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Oct 11 2019, 06:37 PM
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QUOTE(digitalz @ Oct 11 2019, 06:14 PM) I BOLDED the point lol. Would it be helping the people? The influx of foreign investments is good for the country but the properties will only be held by foreigners instead of the locals. How about the risks of properties being auctioned later? Why not promote other stuffs that would help the people to own houses instead? Then again, that's just me thinking out loud. remember this news. KUALA LUMPUR: Foreigners do not own more than one percent of property in Malaysia, revealed Housing and Local Government Minister Zuraida Kamaruddin. Zuraida said that in March 2014, the government had imposed a RM1 million minimum property purchase price for foreigners. https://www.nst.com.my/news/nation/2018/11/...wned-foreignerslast november's news.
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digitalz
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Oct 11 2019, 06:42 PM
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QUOTE(Red_rustyjelly @ Oct 11 2019, 06:37 PM) remember this news. KUALA LUMPUR: Foreigners do not own more than one percent of property in Malaysia, revealed Housing and Local Government Minister Zuraida Kamaruddin. Zuraida said that in March 2014, the government had imposed a RM1 million minimum property purchase price for foreigners. https://www.nst.com.my/news/nation/2018/11/...wned-foreignerslast november's news. For now, I'd probably just look at what are the T&Cs for foreigners after the change. Let's look it from the other way round... more auction units instead?
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kingstonray
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Oct 11 2019, 06:46 PM
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Getting Started
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To beloved Malaysian.. Now 2019 HOC until 31st December2019 If you still do not appreciate this oppurtunity to buy your house..you will regret. Foreign buyers is coming 2020 2020 is coming...last 3months... Beli lah
This post has been edited by kingstonray: Oct 11 2019, 06:48 PM
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Red_rustyjelly
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Oct 11 2019, 06:53 PM
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Here comes the BBB UUU I was just talking to my friend. BBB UUU will eventually take this opportunity to spread scary news
HAHAHA
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kingstonray
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Oct 11 2019, 06:56 PM
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Getting Started
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QUOTE(Red_rustyjelly @ Oct 11 2019, 06:53 PM) Here comes the BBB UUU I was just talking to my friend. BBB UUU will eventually take this opportunity to spread scary news HAHAHA ok
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LordSatriaVII
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Oct 11 2019, 07:00 PM
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Getting Started
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luckily i just bought a 232k apartment in cyberjaya but i can see there's a lot of high rises now , but i believe they are not going to sell all of it with all those high price
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em_on
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Oct 11 2019, 07:17 PM
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Locals have to ‘fight’ with foreigners on those prop RM 600k
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icemanfx
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Oct 11 2019, 07:43 PM
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Typical of bbb/uuu miss the forest for the trees.
Property overhang is substantial and rising. How many foreigners will buy. If buy, it will benefit developers rather than flippers.
This post has been edited by icemanfx: Oct 11 2019, 07:55 PM
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kingstonray
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Oct 11 2019, 07:44 PM
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Getting Started
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QUOTE(icemanfx @ Oct 11 2019, 07:43 PM) Typical of bbb/uuu miss the forest for the trees. Property overhang is substantial. How many foreigners will buy. If buy, it will benefit developers rather than flippers. You dont buy or you cant afford to buy,just sit at home and watch... how many foreigners will buy is not important...because its none of your business also This post has been edited by kingstonray: Oct 11 2019, 07:49 PM
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v88
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Oct 11 2019, 07:53 PM
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QUOTE(em_on @ Oct 11 2019, 07:17 PM) Locals have to ‘fight’ with foreigners on those prop RM 600k Local cant even afford to buy 600k house, so leave it to foreigner, good move actually.
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kingstonray
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Oct 11 2019, 07:54 PM
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Getting Started
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QUOTE(v88 @ Oct 11 2019, 07:53 PM) Local cant even afford to buy 600k house, so leave it to foreigner, good move actually. Why Local Cant even afford? You say this,Bossku will angry This post has been edited by kingstonray: Oct 11 2019, 07:54 PM
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icemanfx
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Oct 11 2019, 08:01 PM
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QUOTE(kingstonray @ Oct 11 2019, 07:44 PM) You dont buy or you cant afford to buy,just sit at home and watch... how many foreigners will buy is not important...because its none of your business also Developers will build more in this segment. Unless more foreigners buy than developers build, overhang will rise. This policy is unpopular among the majority, could be reversed sooner than expected. This post has been edited by icemanfx: Oct 11 2019, 08:04 PM
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v88
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Oct 11 2019, 08:04 PM
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QUOTE(kingstonray @ Oct 11 2019, 07:54 PM) Why Local Cant even afford? You say this,Bossku will angry If can, no need to build affordable home then, they have the figures.
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David_77
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Oct 11 2019, 08:04 PM
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QUOTE(kingstonray @ Oct 11 2019, 06:46 PM) To beloved Malaysian.. Now 2019 HOC until 31st December2019 If you still do not appreciate this oppurtunity to buy your house..you will regret. Foreign buyers is coming 2020 2020 is coming...last 3months... Beli lah Our resident pessimistic expert will disagreed.
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kingstonray
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Oct 11 2019, 08:45 PM
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Getting Started
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gv u hoc... u guys talk kok sing song...now announce this..last chance..lim guan eng already hint you guys after few years property will be good..gv u hoc 10% gv u free mot lu tak mau...nanti cry father cry mother behind
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icemanfx
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Oct 11 2019, 08:52 PM
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QUOTE(kingstonray @ Oct 11 2019, 08:45 PM) gv u hoc... u guys talk kok sing song...now announce this..last chance..lim guan eng already hint you guys after few years property will be good..gv u hoc 10% gv u free mot lu tak mau...nanti cry father cry mother behind Poorperly price has been stagnant in last few years. How many years more remain stagnant? And overhang is rising. This post has been edited by icemanfx: Oct 11 2019, 08:54 PM
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lysiew
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Oct 11 2019, 09:21 PM
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QUOTE(seancl85 @ Oct 11 2019, 06:01 PM) Housing Budget 2020
-Rent-to-own scheme worth RM10 billion to help those who cannot afford the 10% downpayment for purchase of homes worth up to RM500,000. -Under the scheme, applicants enter into a five-year rental agreement with the option to buy after the first year. -To address glut in unsold condominium and apartment units worth some RM8.3 billion in Q2 2019, the threshold will be decreased for foreign buyers from RM1 million to RM600,000 for urban properties. -Youth Housing Scheme by Bank Simpanan Nasional to be extended to end of 2021. -RM100 million for repair and refurbishment of public housing. thanks for the instant update ya but really doesn't seem much helping or much different from now, especially for the middle range income earner
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