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Tuesday, November 22, 2011

Two article below showing a good progression of  new model of higher income economy. Many people stuck in debt due to they feel their payment is higher in new income model, but some of them did not understand that, if the cost of living become higher than what is the meaning of higher income model. The model is for you to window shop only.

Higher income do mean to me, higher income but not afford to buy since the raising of goods price is higher in multiple mangnitude compare to the salary increament.

image from:

Thestar: Tuesday November 22, 2011

Property sector to feel impact from tighter lending, slower sales

PETALING JAYA: The winds buffeting the property industry may become stronger with the introduction of guidelines by Bank Negara to rein in household debt which becomes effective from Jan 1.

RHB Research Institute Sdn Bhd analyst Loong Kok Wen said in a report that these regulations would have an impact on the industry with the high-end segment of the market being more sensitive to regulatory tightening as financing availability gets narrower.

She said the stricter lending rules were likely to result in a 14%-37% decrease in affordability with the impact to be felt from the first half of next year.

The central bank issued guidelines last week in a move to clarify lending practices among financial service providers which included the requirement by banks to make appropriate assessment into prospective borrowers' income after statutory deductions and consider all outstanding debt obligations.

Loong said that although banks were already assessing potential borrowers' net salary in their evaluation process, lending would likely be tighten on home mortgages going forward on worries of rising household debt to gross domestic product (GDP) levels.

She said fundamentals in the market remained weak with the prolonged sovereign debt crisis in the European Union overshadowing the global economic outlook.

“From our recent conversation with developers, potential buyers are indeed taking longer time in their property buying decisions than previously, especially on premium properties. Mass housing will continue to fare better due to pent-up demand,” Loong said.

She added that property sales were likely to taper off (after a 21% growth in 2010) with a growth of 0% to 5% in 2012, given that sales were largely driven by GDP growth.

Loong said the house was maintaining an “underweight” and was still cautious on property stocks although they have recovered in tandem with the temporary rebound in the equity market.

“Our stock pick is selective,” she said, adding that UEM Land was recently upgraded to a “trading buy” and Mah Sing Group Bhd to “market perform”.

Loong expects UEM Land Holdings Bhd to benefit from more oil and gas-related news flow in Iskandar, while IJM Land Bhd's share price could be supported by a potential merger and acquisition angle following the recent offer made by Permodalan Nasional Bhd to SP Setia Bhd.
Thestar: Saturday November 19, 2011

Groups laud move to reduce household debt

KUALA LUMPUR: Banks and related industries backed the move by Bank Negara in pushing for responsible financing to enhance consumer protection and reduce household debt.
“Banks will continue to engage closely with their customers by providing advice to ensure debt commitments are within their repayment capacities,” said Association of Banks Malaysia executive director Chuah Mei Lin.

She added that the new guidelines reflected the existing approach taken by its member banks.

The Federation of Malaysian Consumers Associations said the policy was a step in the right direction towards reducing household debt, but consumers needed to be more responsible in managing their finances.

“Too many young people are getting themselves deep in debt,” said its chief executive officer Datuk Paul Selvaraj.

He added that they usually accumulated the debts between the ages of 20 and 30.
National House Buyers Association secretary-general Chang Kim Loong said banks must evaluate an applicant's true income more stringently before granting loans.

“Banks also should not be allowed to charge excessive fees for early termination,” said Chang.

Real Estate and Housing Developers Association of Malaysia president Datuk Michael Yam said he believed there would not be any untoward incidents with the new guidelines.

He said this was because people, especially those who took loans to buy property, knew how to self-regulate.

“This is based on the low percentage of non-performing loans,” said Yam.

He added that those possibly in danger of falling into debt were young people without family support.

Malaysian Automotive Association president Datuk Aishah Ahmad welcomed the guidelines but was concerned that if too stringent, the move would affect car sales.
“Checking on affordability is the right thing to do as there is still a lot vehicle repossession taking place because consumers purchase beyond their means,” she said.

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