MIEA requests authorities to reduce property financing requirements


KUALA LUMPUR: The Malaysian Property Agent Institute (MIEA) has requested the authorities to relax and alleviate some of the financing requirements guidelines imposed on buyers as many find difficulty in securing financing from banks.

Its president Eric Lim said many buyers, especially the first buyers, complained to their members about the difficulty in securing housing loans from banks.

"Despite Malaysia's strong economic growth of 5.9 percent last year and low unemployment rate of 3.4 percent, the positive indicators has not been translated into the property sector.

"Based on feedback received from our members and practitioners, many buyers are interested in buying homes, especially first home buyers and young people, but are hindered due to tight financing requirements.

"In view of this, we are asking for alternative mode of financing to facilitate these people to buy home," he told a news conference after the inauguration of the Malaysian Property Year Convention (MAREC) 2018 here yesterday.

The opening ceremony was officiated by Deputy Finance Minister II, Datuk Lee Chee Leong.

The MAREC 2018, which entered its 32nd year of its hosting this year, has over 300 property practitioners from all over the country, with this year's theme 'Meeting the Change with Innovation'.

Earlier, Chee Leong in his speech said the government expects the property market to remain stable over the next few months supported by various property-related incentives and accommodative monetary policies.

"Residential properties will remain the main drivers with affordable homes being the top priority," he said.

He also urged homebuyers not to use services of unregistered real estate agents as it is against the law.

"The government has lost millions of ringgit in terms of income due to the existence of these illegal real estate agent.

"Hence, I urge all parties from the Assessment Board, real estate agents and real estate managers, MIEA and stakeholders to work together to step up this issue together," he said.