Housing and local government minister Nga Kor Ming said under the new proposal, buyers could pay up to 5% of the purchase price and submit their financial information for loan assessments.PETALING JAYA: The housing and local government ministry is looking into a mechanism to provide greater protection for homebuyers and reduce the risk of sick and abandoned private housing projects.
Nga Kor Ming.Minister Nga Kor Ming said the proposed "option to purchase" (OTP) mechanism would establish a more systematic process before the signing of the sale and purchase agreement (SPA).
The OTP mechanism aims to safeguard homebuyers' interests while allowing developers to better assess genuine market demand, he said.
