The government will not allow the use of interest capitalisation scheme or any other permutation to approve housing development licence, place advertisements and obtain sales permit by any housing developer.
The ruling comes into force from Fri-day.
The Urban Well-being, Housing and Local Government Ministry said the measure was taken to enhance people’s ability to buy a house, to ensure stable house prices and curb speculation.
“Speculative activities have an impact on house prices as well. This situation may adversely affect the property market in the long run,” the ministry said in a statement yesterday.
The National Housing Department director-general Datuk Dr Mohd Padzil Hashim also called on the people to provide information and report to the department if they come across any dubious schemes related to interest capitalisation scheme or any other permutation.
Potential house buyers can check out the developers’ background via the department’s website http://ehome.kpkt.gov.my.
