SUGGESTION TO DO AWAY WITH 10 PERCENT DEPOSIT FOR BUYING HOUSE

12 Jul 2013 11:19

KUALA LUMPUR, July 4 (Bernama) - A member of parliament (MP) suggested the government do away with the 10 percent deposit for buying house to give more opportunity to the young to own homes.

Datuk Irmohizam Ibrahim (BN-Kuala Selangor) said the move is needed as many young people including the graduates could not afford to buy houses due to the high price.

"A study of ten graduates who served for five to eight years and earned between RM3,350 to RM5, 000 found that they still cannot afford to buy houses.

"Low-medium cost houses are being sold at around RM200, 000 which means that the 10 percent deposit comes up to RM20,000," he said when debating the motion of thanks for the royal address in the Dewan Rakyat today.

Irmohizam said this becomes a burden although the Employees Provident Fund (EPF) allows withdrawal of the second account for the deposit payment.

The session continues on Monday.

-BERNAMA SYASA SNS ZUB