The government has established various control measures to ensure that the increase in home prices is reasonable and has little effect on the people, according to Housing and Local Government Minister Datuk Chor Chee Heung.
One of the measures implemented to restrain speculation is increasing property gains tax on homes sold off within two years from five percent to 10 percent, said Chor in a report by Bernama.
Chor noted that Bank Negara Malaysia has also set a loanceiling of 70 percent for third home purchase, hence borrowers must get the 30 percent on their own.
Senator Mohd Khalid Ahmad also asked Chor about the measures implemented by the ministry to monitor the rising prices of houses and if it will introduce legislation to curb it.
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