The 53rd Malaysia Day celebrations should be a joyful one to mark the historic coming together of of Sabah, Sarawak and Peninsular Malaysia into a new nation called Malaysia. We shall never forget the sacrifices and contributions of our brothers and sisters from Sabah and Sarawak to forge a new country even though se were divided by the South China Sea.
For this reason, Sabah and Sarawak must be treated with respect with rights equal to Peninsular Malaysia and not just as one of the 13 states in Malaysia. As an invisible member of this sacred trinity, Malaysians must recognise that without either Sabah or Sarawak there is no Malaysia. For this reason Malaysia Day must be celebrated not just in Sabah and Sarawak but by every state in Malaysia.
This joyful Malaysia celebrations has been marred by continuous attacks on the promises in our Federal Constitution granting basic human rights, democracy and income security. The basic human right of freedom to speak and assemble peacefully is once again violated with threats against the Bersih 5 Rally on November 19. The Election Commission’s new redelineation exercise has made a mockery of the democratic principle of “one person, one vote” by perpetuating and expanding gerrymandering in favour of BN.
Even income security is becoming a dream with increased economic hardship following the imposition of GST and depreciation of the ringgit caused by the corruption scandals like 1MDB and RM 4.2 billion donation scandals. The latest proposal by Cabinet to continue studying the proposal to allow property developers to become money-lenders may even turn our country into an “Ah-Long”(loan shark) society.
Whilst high house prices is a factor that should be addressed, the problem has now worsened to many housebuyers not even able to get loans, even including those applying for low-cost houses of RM42,000/-. No wonder there are many empty low-cost houses even in Penang, not because there are no buyers but because the housebuyers can not get approval for bank loans.
Property developers will definitely lend to housebuyers at at least 12% for secured loans or 18% for unsecured loans, because they would need to borrow money from banks. TA Research believes the proposal was not an effective initiative to improve home ownership among low to middle income groups.
TA Analysts Thiam Chiann Wen said: “Based on our analysis, a buyer will need to pay 138 per cent more in monthly installments if he or she takes up a developer’s 35-year loan that offers 100 per cent financing at 12 per cent interest rate, compared to conventional banks’ 35-year loan at 4.5 per cent after paying a 10 per cent downpayment.”
The problem lies in banks refusing to approve loans. Borrowing at high interest rate of 12% or 18% is not the solution but will instead create more problems. If housebuyers have difficulty paying up at bank interest rates of 4.5% to 6%, they will go bankrupt and their homes sold within a year by borrowing from property developer. Instead of stopping such an irresponsible and illogical loan lending scheme, BN is still willing to risk becoming a
Ah-Long” society by considering this.
Malaysians must unite together against corruption and a failed government with failed economic policies. Only when we are united together defending our freedoms, our rights, our dignity and economic security, can we remain and progress as one country, one people.