(From right) Jagdeep Singh and Ong going through the details of the Penang Property Summit 2016 to be held from Jan 8 to Jan 10.

A string of innovative housing packages to counter the high rate of bank loan rejections will be introduced in Penang soon.

State Housing, Town and Country Planning Committee chairman Jagdeep Singh said details of the packages, which would be introduced in stages, would help to cushion the loan rejections of most housebuyers.

He, however, declined to reveal the package details during a press conference on the upcoming Penang Property Summit 2016 at Jen Hotel in Penang on Monday.

“This is part of the state government’s initiative to help housebuyers acquire property under the affordable housing scheme.

“The recently introduced RM150,000 affordable housing scheme to allow housebuyers to secure bank loans by purchasing property of lower value is part of the package.

“We introduced this scheme as we found that loan rejection for these categories was much lower compared to the RM300,000 or RM400,000 affordable housing,” he added.

Jagdeep said he would be meeting with Bank Negara officials next week to discuss the high rejection rate issue.

Earlier, Penang Property Summit 2016 event director Ong Ban Seang said the three-day summit from Jan 8, to be held at the SPICE Arena in Relau, would feature some 200 participants.

The Penang International Property Expo (PIP) will also be held during the summit with 30 exhibitors promoting their projects.

He said the event, which is into its second year, would feature a ‘premier lecture series’ by state executive councillor Chow Kon Yeow, Penang Island City Council mayor Datuk Patahiyah Ismail and Seberang Prai Municipal Council president Datuk Maimunah Mohd Sharif.

“The lecture series will also have Penang Institute chief executive Dr Lim Kim Hwa and Penang Invest director Datuk Lee Kah Choon providing insights into Penang’s strategic plan to be a ‘high income’ state.

“The lectures will be attended by 100 guests comprising corporate leaders, senior government officials and trade associations’ executive committee members,” he said.

The property summit is organised by International Real Estate Federation (Fiabci) Penang Chapter in collaboration with the state housing committee and PenEvents.

Source: TheStar.com.my