GEORGE TOWN, Nov 29 — In a bid to help low-wage earners afford their own home, Penang introduced today a Shared Ownership Scheme aimed at eligible house buyers to help them get a place in a low-cost housing project in Seberang Perai.
Under this scheme, all house buyers who qualify for low-cost housing will be able to purchase a unit of a townhouse in Taman Sungai Duri Permai, Sungai Duri with a 30 per cent interest-free funding from the Penang state government.
Each applicant need only apply for a housing loan of 70 per cent of the market price of each unit; the remainder will be loaned to them by the state without charging interest, Penang Chief Minister Lim Guan Eng.
“The state government will not require the purchaser to make any guarantee as the scheme functions like a micro-credit scheme,” he said in his state budget speech here.
The state government has purchased 104 units of the town houses in Taman Sungai Duri Permai which will only be sold at RM38,000 each unit to eligible first time home buyers.
Buyers will first need to register with the state’s housing department to purchase the unit; those who are eligible for a unit will also be eligible to apply for the scheme.
“We are the first state government to introduce this scheme and this project is a start as we want it to be landed properties,” Lim said.
He noted that many low cost housing purchasers are not able to get approvals for 90 per cent or 100 per cent housing loans to finance the purchase of a low cost house.
“This scheme will allow more people in the lower income group to buy their own homes,” he said.
In addition to this, the state also has a rent-to-own scheme for 51 units of low cost flats in Taman Seruling Emas in south Seberang Perai where the units will be sold to eligible applicants registered with the state housing department.
Each unit will be rented out at RM100 per month with a RM20 maintenance fees.
Lim said the state government allocated RM12.5 million this year to undertake maintenance and repair works for low cost housing and thus allocation was further increased to RM15.8 million next year to improve the facilities of seven public housing projects in Penang.
The state also introduced additional housing policies for low cost, low medium cost and affordable housing.
“We plan to amend the policy on the sale of low cost and low medium costs housing in applications by owners to sell their units,” he said.
The policy limits state that low cost housing units, built by developers, can only be sold after 10 years from the signing of the sale and purchase, similar to the policy for government-built low cost housing.
“After 10 years, the units can only be sold to listed buyers in the state housing department’s list of people eligible to buy low cost and low medium cost housing,” he said.
The state also imposed conditions on affordable housing which is categorised as houses priced below RM400,000 for housing units on the island and RM250,000 for units on the mainland.
“Only first time home buyers can purchase affordable housing and also those who are upgrading from low cost and low medium cost housing to affordable housing provided that they sell their low cost or low medium cost units first,” he said.
There is also a control on the sale of affordable housing which can be sold off by the owner after five years from the signing of the sale and purchase agreement but only to eligible buyers registered with the state’s housing department.
This policy takes effect for all affordable housing in the state from February next year and companies are also not allowed to purchase affordable housing.
Finally, to curb foreign speculation of Penang properties, the state also introduced a three per cent levy on all property purchase by foreigners starting February 1 with exceptions to industrial purchases through Penang Development Corporation.
