KUALA LUMPUR (April 24): Housing and Local Government Minister Datuk Chor Chee Heung said the ministry has taken several initiatives to assist victims of abandoned housing projects.
He said the initiatives included providing a verification letter to funding institutions that the projects have been abandoned and assist buyers to discuss how their loans could be resumed after rehabilitation works started.
Such loans would be subjected to the funding institution's valuation and based on the merits of each case but if the buyer is not assisted, a complaint can be lodged with the ministry which would be referred to Bank Negara Malaysia (BNM), he explained.
He was responding to a question from Datuk Mustafa Kamal Mohd Yusoff on the issue of abandoned housing projects.
Chor said the ministry has also proposed for a working paper to be presented to the National Economic Council in order for BNM to recommend ways to assist the victims of such projects if the funding institutions fail to give them due consideration.
"The government takes the matter seriously as the victims could go bankrupt if the situation is not resolved," he said at the Dewan Rakyat, here on Tuesday.
Chor further remarked that the government would also take steps to prevent housing projects from being abandoned by amending the Housing Development Act (Control and Licensing) 1966 (Act 118).
He added that the government and related parties in the industry were discussing holistic ways to best implement the build and sell system.
"We hope the system can be finalised with all affected parties by 2015," he said. — Bernama
He said the initiatives included providing a verification letter to funding institutions that the projects have been abandoned and assist buyers to discuss how their loans could be resumed after rehabilitation works started.
Such loans would be subjected to the funding institution's valuation and based on the merits of each case but if the buyer is not assisted, a complaint can be lodged with the ministry which would be referred to Bank Negara Malaysia (BNM), he explained.
He was responding to a question from Datuk Mustafa Kamal Mohd Yusoff on the issue of abandoned housing projects.
Chor said the ministry has also proposed for a working paper to be presented to the National Economic Council in order for BNM to recommend ways to assist the victims of such projects if the funding institutions fail to give them due consideration.
"The government takes the matter seriously as the victims could go bankrupt if the situation is not resolved," he said at the Dewan Rakyat, here on Tuesday.
Chor further remarked that the government would also take steps to prevent housing projects from being abandoned by amending the Housing Development Act (Control and Licensing) 1966 (Act 118).
He added that the government and related parties in the industry were discussing holistic ways to best implement the build and sell system.
"We hope the system can be finalised with all affected parties by 2015," he said. — Bernama
