Selangor govt to implement rent-and-buy scheme

GOOD news awaits low-cost house owners, who are unable to obtain bank loans, as the Selangor Government is implementing the rent-and-buy housing scheme later this month.

The scheme is being introduced with the aim to ease the burden of those who are unable to obtain housing loans for various reasons including old age.

State Housing, Building Management and Urban Living committee chairman Iskandar Samad said the news was expected to bring cheer to thousands of residents in Selangor.

In the past, he said, many low-cost housebuyers were unable to own houses after their loan applications were rejected by banks.

The scheme which will be launched by Mentri Besar Azmin Ali on Nov 29, would be implemented through the Perumahan Dan Hartanah Selangor Sdn Bhd, said Iskandar.

 He said the company would play a role to purchase the homes from the developers before renting them out to eligible buyers.

‘‘The buyers will be given an option to purchase the homes after renting them for two years with part of their rental used to reduce the cost of the homes,’’ he said
Iskandar said the sale of the houses would be done through the banks.

However, he said, the tenants of the homes would be given the option to continue to stay on rental basis until they were able to obtain loans.

“They also have the option to own the homes once they have paid the cost of the homes through the rental they have paid,’’ he said, adding that the state had allocated RM10mil for the scheme.

Iskandar said the scheme Dana Sel was being implemented as part of the General Election 2013 manifesto of Pakatan Rakyat.

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