Sunday, March 20, 2011

My First Home Scheme Malaysia

Last week, Malaysia Government unveiled the My First Home Scheme in an effort to help 35-years old earning less than RM3,000 a month to own their first house. While this scheme would definitely help to increase home ownership, serious pitfalls lurks behind.

The Scheme might encourage young peopple to buy houses when they're not finacially ready, explosing the economy to undesirabe debt & the dire consequences that come with it. The recent US-led financial crisis and other property bubble  busts have clearly hightlighted the danger of high leverage. Instead of promoting a house ownership scheme, it's more prudent to have a housing policy of ensuring that everyone who need a place to stay has a place to stay.

If Government implement 50% on property capital gain, this will control property price effectively.

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