With rapid increase in the prices of the residential properties, majority of the Malaysian cannot effort to buy their first home. As an example, in 1975, I bought my first house in Damansara Utama, a duplex double storey house 22x75 ft for rm56,000. I was earning rm1500 per month. With my earning, it would take 3.1 years to pay.
Now the same house cost rm500,000. With the starting salary of currently, rm2,500, it will take 16.6 years. That is about 5 times. So the Malaysians are worst off now.
The same is for car, a brand new toyota corolla in 1976, i bought it for rm8,000. With my starting salary of rm1,500, it was 5 months salary. Now a Toyota Vios cost about rm80,000. With salary of rm2,500 it takes 32 months.
Realizing this, the government had made changes to the ruling on the eligibility. The income limit for the applicants are being raised from the previous rm3000 per month to rm5000.
The other initiative is to provide 100% loan facilities. The normal banking guide was, the buyer has to fork out about 10% of the price of the house.
Now the same house cost rm500,000. With the starting salary of currently, rm2,500, it will take 16.6 years. That is about 5 times. So the Malaysians are worst off now.
The same is for car, a brand new toyota corolla in 1976, i bought it for rm8,000. With my starting salary of rm1,500, it was 5 months salary. Now a Toyota Vios cost about rm80,000. With salary of rm2,500 it takes 32 months.
Realizing this, the government had made changes to the ruling on the eligibility. The income limit for the applicants are being raised from the previous rm3000 per month to rm5000.
The other initiative is to provide 100% loan facilities. The normal banking guide was, the buyer has to fork out about 10% of the price of the house.
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