EPF

Rent or buy houses: The HBA’s guide to finding the right time

KUALA LUMPUR, April 5 ― Stumped on when is the right time to stop renting? Not sure if you should defer buying a house? The National House Buyers Association (HBA) has some tips. HBA honorary secretary-general Chang Kim Loong explained that since rental does not build personal equity, renters should consider both market conditions and their financial standing. “In our opinion, it is only worth renting if the monthly rentals are approximately 50 per cent or less than the monthly loan installments required to take a housing loan of the same value,” he said. Chang gave an example of a prospective buyers eyeing a 30-year RM300,000 housing loan at a 4.6 per cent interest rate, which results in a monthly installment of RM1,538. “If the buyer has not saved enough money to buy the property and has...Read More

HBA: Allow EPF to offer home loans to members

PETALING JAYA (June 19): The National House Buyers Association (HBA) is urging the government to allow the Employees’ Provident Fund (EPF) to extend financing for home purchases – particularly of affordable units – to eligible members, reported Free Malaysia Today. Its secretary-general Chang Kim Loong said this proposal would help members who are unable obtain financing without forcing banks to relax their lending guidelines. “Our preliminary thoughts are for EPF to disburse 15 to 20-year loans to a member who has been contributing for at least five years and earning less than RM5,000,” he said. To prevent abuse, the homes will be subjected to a 10-year lock-in period, he added. “At the same time, to ensure the member still has some money for contingencies, the EPF can buy insurance with ...Read More