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KUALA LUMPUR (Sept 14): The Ministry of Urban Wellbeing, Housing, and Local Government has been tasked by the cabinet to formulate a set of guidelines for property developers who wish to undertake a money-lending licence to provide bridging loans to buyers facing constraints in meeting the initial sale-and-purchase payment.
Confirming The Edge Financial Daily's report today, Minister Tan Sri Noh Omar (pictured) gave a briefing during the cabinet meeting on the developer lending scheme.
In a statement issued this evening, he said that given the scheme already exists under the Moneylenders Act 1951, the Ministry of Urban Wellbeing, Housing, and Local Government was told by the cabinet to assess and improve the policy.
A study will be undertaken to determine the following: the policy's effectiveness to improve the rakyat's ability to afford a home purchase, interest rate and payback period that must not burden consumers, and to formulate clear and easily understandable guidelines for property developers with money-lending licences and the borrowers.
"At the same time, my ministry will also take proactive measures to assess in whole the effectiveness of the financing facility under the Moneylenders Act so that it will not be misused by the licence holders," Noh Omar concluded. — theedgemarkets.com
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