Budget 2008 : Easing burden for property buyers

Easing burden for property buyers

M. RAGENI has one “headache” less now. She will be able to use part of her monthly salary for other expenses with the announcement that EPF contributors will be allowed to make monthly withdrawals from their Account Two for housing loan repayment.

The 30-year-old business development manager said the announcement made in the Budget 2008, was good because apart from paying for a housing loan, she had to pay for her car loan and credit card.

“I can use this scheme next year for a property that I just bought.”

As for the 50% stamp duty exemption on documents of transfer for the purchase of one house of not more than RM250,000, Rageni from Rawang said this had little impact.

“Sometimes there is already a developer’s discount, and depending on the value of the property, the paperwork can come up to about RM4,000,” she added.

Almost there: Alita Aris (right) checking out a property booth at One Utama Shopping Centre on Friday. With the announcement that monthly withdrawals for housing loan repayment could be made from the EPF’s Account Two, Alita is excited about buying a house.

Holly Chai, 40, on the other hand, said it would be good if those owning two houses could make withdrawals using the scheme, instead of limiting it to only one house.

This was because, she said, many people these days had two houses.

Employees Provident Fund chief executive officer Datuk Azlan Zainol said EPF would support its members, in particular the lower income earners, to pay their monthly housing loans through the new housing withdrawal.

Azlan added, in a press statement yesterday, that the EPF now allowed members to withdraw their savings from Account Two to buy or build a house and to reduce the mortgage.

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