Extend Loan Moratorium Period for Property Sector

Dato Seri Vincent Tiew


The Covid-19 pandemic effect individuals and companies were still dealing with the issue of high unemployment rate. The loan moratorium for the property sector should be extended for another 6 months by government for people to re-adjust their financial commitment or financial lifestyle, said property entrepreneur Datuk Seri Vincent Tiew.

Although the National Economic Recovery Plan (PENJANA) were positive and encouraging in term of transacting properties at a lower cost, people were not committing to a purchase or buying, he said.

On March 25, Prime Minister Tan Sri Muhyiddin Yassin announced a 6-months moratorium, conversion of credit card balance to term loans and restructuring of corporate loans. This was introduced to ease the burden faced by a small and medium enterprises as well as individuals.

Meanwhile, Tiew said given the challenges, banks would have tighter terms in giving out loans to property developers this year so government should consider to allowing foreigners to purchase properties without quota restrictions.

Besides that, he also said the unsold properties, especially the Bumiputera lots, should be allowed to be released to non-Bumiputera and international buyers. He suggested that Bumi-owned properties should be able to sold to non-Bumiputeras on a willing buyer or seller basis to reduce the overhang properties unit.


Source: New Straits Times