Rumah Selangorku to be part of HOC, says exco

Selangor has planned to offer all units under the Rumah Selangorku projects during the 6-month HOC extension

by AFIQ AZIZ/ pic by MUHD AMIN NAHARUL

THE Selangor government plans to request for the Home Ownership Campaign (HOC) certificates for its Rumah Selangorku scheme from the Housing and Local Government Ministry (KPKT), so that the project could be part of national house clearance initiative.

State Housing and Urban Living Committee chairperson and Selangor executive council (exco) Haniza Mohamed Talha said Selangor has planned to offer all units under the Rumah Selangorku projects during the six-month HOC extension, which would end in December if the application is approved.

“We plan to include all available units that are yet to be purchased,” she told reporters at the State Legislative Assembly in Shah Alam, Selangor, yesterday.

Haniza is also expected to meet Housing and Local Government Minister Zuraida Kamaruddin soon to discuss over the matter.

It was reported that the state government had approved 255 Rumah Selangorku projects from 2014 until June 30 this year. Of that number, 31 projects have been completed while 61 others are under construction.

The HOC, is a six-month initiative, which has been initiated by the KPKT early this year to correct the current mismatch in the property market after over RM20 billion worth of overhang residential units were reported last year.

The campaign also aims to provide affordable houses to the B40 (below 40% income bracket) group.

However, despite the 10% discount and stamp-duty exemptions, the sales had not picked up as only 1,144 residential units were sold, forcing KPKT to extend the programme for another six months.

The Malaysian Reserve had reported that for this round, KPKT would flood the HOC with affordable houses below RM300,000, especially through its exposition in October this year.

As for Rumah Selangorku, the state-controlled scheme offers first-time homebuyers of residential units from RM250,000 and below.

Haniza said until July 1, some 189,829 applicants had applied for the programme. Of the total, 48,624 or 26% of the applications were approved, in which 24,243 applicants had proceeded with their purchases while another 24,381 candidates did not pursue, she said.

Haniza added that she would also suggest for the Rumah Selangorku project to be part of the rent-to-own (RTO) financing, which was launched earlier at the federal level.

“We are looking to engage a bank to help us with this initiative. We believe that most of our applicants who have been screened are eligible to own a Rumah Selangorku unit.

However, the lending rule is too strict for them.

“So, we are looking for financing partners should the government agree to include our housing project in the RTO financing. It is in progress,” she said.

The RTO scheme offers homebuyers an opportunity to rent their home for five years before they can purchase the house via bank loans, subject to their rental payment records.

Haniza also hopes that the Rumah Selangorku could be part of the Bank Negara Malaysia financing scheme, which allows homebuyers to access to the RM1 billion funds as announced by Finance Minister Lim Guan Eng when tabling Budget 2019.

“We have conducted early evaluation for the candidates, which was previously neglected, so that we would know their debt service ratio.

“If they pass this stage, then we can forward their details to the developer. That would speed up the approval process,” she added.