Once Najib is PM.. and government home loan

This early morning, I found one article in Berita Harian that really attract me.

‘Keperluan penjawat awam dipertimbang’

DATUK Seri Najib Razak berkata, beliau akan memberikan pertimbangan terhadap semua permintaan dan keperluan kakitangan kerajaan apabila menjadi Perdana Menteri kelak.

Timbalan Perdana Menteri berkata, kerajaan komited memenuhi setiap permintaan kakitangan kerajaan jika mempunyai kemampuan berbuat demikian dan ia hanya boleh dilaksanakan jika rakyat memilih pimpinan dan kerajaan yang berkemampuan melakukannya.

Hm.. that is his promise recorded. Sharing the article to my officemates, one of them asked me. "So, once Najib become PM, what do u want him to consider?"

Without thinking, i responded, "I want him to amend Arahan Perbendaharaan (Treasury Order). I want government to allow all civil servant to hold two home loan package simultaneously, without needed to pay off the first loan, as long as it is still below their eligible loan limit. Confuse?

Ok, let me explain this way. Let say your basic salary is rm2k. You are able to apply for home loan up to rm240k. If you want to buy a house valued rm220k, means u can buy it with full loan. But, if u want to buy a house at rm260k, means u can only apply loan for rm240k and pay in cash the remaining rm20k. Clear?

Let say, u buy a house for rm140k. since ur max loan eligibility is rm240k, means u can buy the house with full loan. It also means, u are supposed to have rm100k in balance of your eligibility since you only use rm140k for the house. If you wish to buy another house at rm100k and want to apply the balance loan, u can do so IF you have settled the rm140k loan (the first loan) in full. Logically, this will take 20 - 25 years to settled the loan, rite? so, u need to wait for 20 years to apply for the second loan.. if you still alive and working.

Actually the balance loan is not static. It depends on your current eligibility minus the loan u have taken before. Let say in 2028, your latest salary is now rm3k, so the eligibility loan is rm300k. Minus the rm140k loan you have applied, gives you balance of rm160k on 2028.

SO, my wish is i prefer government allow civil servants to apply the second loan even though the first loan in not fuly settled yet. This gives them opportunity to buy more property but still within their budget. Maybe they want to buy one house in their hometown for their parents or preparation for their retirement (which is normally priced cheaper) and one more at town where they are currently working. This also will boost up real estate market that is now turning slightly down.

By the way, for your info, the eligibility as at Bahagian Pinjaman Perumahan's website is as follows:

Basic Salary (RM):Max Loan (RM)
3500 and above: RM 360,000
3000 ke 3499 :300,000
2500 ke 2999: 264,000
2000 ke 2499 : 240,000
1500 ke 1999 : 192,000
1200 ke 1499 : 156,000
1000 ke 1199 : 120,000
800 ke 999 : 96,000
600 ke 799 : 72,000
599 dan ke bawah :48,000

.. just my 2cent...