The government of Penang is all set to raise the RM500 million Public and Affordable Housing Fund in the event that not sufficient to develop 20,000 housing units across the state's five districts, reported Starproperty. The government of Penang is all set to raise the RM500 million Public and Affordable Housing Fund in the event that not sufficient to develop 20,000 housing units across the state's five districts, reported Starproperty.

PETALING JAYA - The increase in the Real Property Gains Tax (RPGT) to discourage speculative buying has come in for wide support, and not just among people looking to own homes. Fomca secretary-general Datuk Paul Selvaraj said he backed the Budget 2014 proposal of almost doubling the RPGT to 30% as it was essential to curb speculation. “We feel the Government did listen to consumers, and owning a house has now become a higher possibility,” he said.

KUALA LUMPUR - In a dramatic turn, the Kuala Lumpur City Hall (DBKL) announced that the final decision on the proposed revaluation of properties that will lead to an upward revision in assessment has been put on hold until March, while the Federal Territories Minister has apologised for his “mistake”.

His deputy Datuk Dr J. Loga Bala Mohan said this during a debate on the allocation for the Ministry in Budget 2014.

KUALA LUMPUR - Bank Negara Malaysia announced on July 5, 2013, a set of measures aimed at curbing excessive household debts and to reinforce responsible lending practices by key credit providers.

The measures, which take effect immediately, complements the earlier measures introduced since 2010, and include:

a) maximum tenure of 10 years for financing extended for personal use;

b) a maximum tenure of 35 years for financing granted for the purchase of residential and non-residential properties; and

c) a prohibition on offering pre-approved personal financing products.