Be flexible to youths when it comes to housing loans: SPNB
Banks should be flexible to young people whose names appear on the Central Credit Reference Information System (CCRIS) and Credit Tip-Off Sdn Bhd (CTOS), said Datuk Idris Haron, chairman of Syarikat Perumahan Negara Berhad (SPNB).
To enable them to get housing loans, he suggested that CCRIS and CTOS conditions should not be imposed on them.
"They might have made a wrong move in managing their finances at the outset, as a result their names are listed in CTOS and CCRIS and they are facing problems to secure housing loans."
"So, I propose the Finance Ministry and banks be flexible with them," so that they will still have a chance to apply for a home loan.
"A house is an immobile property, not mobile property like a car or a motorcycle. It can also be used as collateral. So, if the applicant runs away, the bank can auction the house to recover the amount it lost," Idris pointed out.
Moreover, the government should also cap the prices of luxury residential projects, particularly those located in urban areas, to keep prices in check and curb property speculation.
Furthermore, the real property gains tax (RPGT) should be applicable to properties resold up to 10 years to deter property resale in a short period of time, added Idris.
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