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Home Ownership Campaign (HOC) ends end 2021. Should be made permanent?

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Home Ownership Campaign (HOC) should be made permanent?

I believe Malaysians who could afford to own a home should own a home. Spend less, save more. It’s really possible. No one without a home should be poor forever by paying hundreds of thousands of ringgit for rental even after our income has stopped. When income stops, we would have to start relying on our savings to pay the rental just because we needed a place to stay and this will look scary every time we look at the remaining balance in the bank account every month.

Simple fact about rental yeah. We just assume the rental amount stays the same forever… (does not happen in real world)

RM1,000 (rental) x 12 months x 50 years (assume start work at 20 and pay rental for the next 50 years until the end of the road) = RM600,000. RENTAL?!

What if it’s really impossible to pay for a home?

Anyway, if any Malaysian could not afford any property, then the government must be ready to let them rent basic homes at a much lower rate than the rental above. Else, they would be spending what they could have spent on other things just for rental alone. RM600,000 is enough for 6 kids to study for a degree in a local private university (not the foreign brands yeah). Info Source: Studymalaysia.com

Article in nst.com.my LBS Bina Group Bhd hopes the Home Ownership campaign (HOC) will be a permanent fixture in the housing market. Its executive chairman Tan Sri Lim Hock San said that HOC has been a welcome boost to generate property sales as customers became more cautious because of the Covid-19 influence.

He said he is hopeful that the government would announce the HOC and a full stamp tax exemption in Budget 2022, which will be tabled in Parliament on October 29, 2021. He also said that with the correct government assistance, this will lead to a rise in Malaysian homeownership.

Lim said this about MM2H, ‘While the group welcomes its relaunch, we believe that the recent revisions to the MM2H Programme requirements for new applicants may be too stringent and instead deter foreigners from choosing to work and live in Malaysia.” Please do read the long article with more of his views here. Article in nst.com.my

First-time home buyer should have advantage over the property investors

First-time home buyer does not have the knowledge which the property investor possesses. First-time home buyer may also have less financial capabilities too. Usually property investor may already have tenants who are paying them rental and thus they are able to buy the 3rd property as if it’s their first property as long as they have the necessary down-payment.

First-time home buyer is buying a home so that they would not be poor forever. Property investor is buying a home because they want to get rich in the future. I do hope anyone who’s not having any vested interest can see my logic in helping first-time home buyers, first. As long as we continue to have measures which are supporting first-time home buyers, I am okay if the government also wish to help the rest, especially with the overhang numbers which is actually deterring first-time home buyers from buying due to the negative sentiment.

What would be your thoughts? Happy sharing.

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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