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HOC Is Not For Foreigners

HOC Is Not For Foreigners

The government’s Home Ownership Campaign (HOC) which was launched since last January was not meant for the sales of any properties to foreigners. The KPKT Minister, Zuraida Kamaruddin said that this national campaign was launched for the locals. The explanation thus refutes the claim that HOC seeks to ‘line up’ the sale of the houses for the benefits of the foreigners who have the advantage of currency differences.  

Zuraida Kamaruddin actually have mentioned several times during a Q&A session at the Dewan Rakyat that only 0.4%  or 958 foreigners who purchased properties in Malaysia with a property value of RM 1 million and above. The HOC does not involve the sale of properties to foreigners, but rather to the locals. She also answered Datuk Dr Shamsul Anuar Nasarah’s (BN- Lenggong) question about the effectiveness of HOC in attracting the foreign buyers to resolve the issue of hanging luxury homes. The question raised was also the government’s effort to help the urban poor to have their first house, despite the rising cost of living.

Through the strategic approach, Zuraida said that the Budget 2020 provides a comprehensive solution to the issue of difficulty obtaining bank loans for property purchases. It includes the provision of RM 10 billion in funding to banking institutions, as well as the government’s guarantees of RM 3 billion in facilitating housing loans approval. On the other factor of considerations include the pricing of properties baes on the median income level of the resident in a particular location so that the property to be sold is on a ‘viewable’ condition.

Property prices will be set according to the three times of the annual income of the population, in line with Bank Negara Malaysia (BNM) standard and the international standard. The government will also built homes in areas equipped with basic facilities or near ‘Transit Oriented Development’ (TOD) areas to facilitate on the transportation aspect. Such an approach has proven effective in handling the rising costs of living, especially for those who live in the city as they now have the advantage of utilizing the public transport. 

 

HOC 2019 will be ending soon in Dec 2019, don’t miss the chance to own a property thru this home ownership campaign! 

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The Rock City Property Guru

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