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DBKL’s home loan scheme to cost below RM700mil

Thursday, 09 February 2012 10:09

PUTRAJAYA: The planned low-cost housing financing scheme under Kuala Lumpur City Hall (DBKL) is not expected to cost more than RM700mil.

Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin said this is based on the number of residents who qualify for the scheme.

“The RM1.5bil was a blanket offer from the EPF, but not everyone of the PPR (low-cost housing) residents qualify for the scheme,” he said after a post-Cabinet meeting yesterday.

Raja Nong Chik explained that the EPF’s loan offer was based on the estimated value of the 44,126 low-cost apartment units under DBKL.

However, DBKL through a special purpose vehicle — Syarikat Peruma-han Wilayah Persekutuan — only issued 24,126 offers to residents.

Of that figure, he said 5,000 had settled their own financing to purchase units while 7,000 are in the midst of finalising their financing deal under the scheme.

“For this first batch of 7,000, the financing cost should be no more than RM200mil,” he said.

Raja Nong Chik noted that they are still waiting for confirmation from the remaining 12,000 or so offers, which he estimated would cost another RM400mil at most if all decide to accept the deal.

In Petaling Jaya, Rembau MP Khairy Jamaluddin said the Govern-ment would still have to pay the EPF even if home buyers cannot service their housing loans.

Khairy called on the Government to reveal the process for the vetting of loan applications for the low-cost housing scheme and the risk management that would be in place before the loans were given to individuals.

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