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WEDNESDAY, JULY 8, 1987
MR HU CAUTIONED THAT REDEVELOPMENT OF OLDER HOUSING ESTATES SHOULD NOT SERIOUSLY DISTURB THE LIFE OF AFFECTED TENANTS WHO WOULD PREFER TO BE RE-SETTLED IN A NEARBY AREA FOR REASONS OF EMPLOYMENT AND PROXIMITY TO SCHOOLS.
MR HU ADDED THAT IN PRINCIPLE HE SUPPORTED THE LONG TERM HOUSING STRATEGY PAPER WHICH WAS A CONTINUATION OF THE PRESENT HOUSING POLICY BUT WITH ADDITIONAL REFINEMENT COUPLED WITH FLEXIBILITY TO COPE WITH THE CHANGING SITUATION AIMING AT MAXIMUM UTILISATION OF RESOURCES FROM ALL SOURCES.
IMPROVEMENTS TO LOAN SCHEME PROPOSED
DR THE HON HO KAM-FAI SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) THAT THE HOME PURCHASE LOAN SCHEME AS A STRATEGY ΤΟ PROMOTE HOME OWNERSHIP AND TO BROADEN THE CHOICE OF HOME PURCHASE WORTHY OF SUPPORT.
WAS
HOWEVER, IN ORDER TO MAKE THE STRATEGY WORK MORE EFFECTIVELY, HE SUGGESTED IMPROVEMENTS IN THREE AREAS FOR THE ADMINISTRATION'S CONSIDERATION.
SPEAKING DURING THE ADJOURNMENT DEBATE ON LONG TERM HOUSING STRATEGY, DR HO SAID FIRSTLY, HOME OWNERSHIP SHOULD BE MADE MORE EASILY AFFORDABLE BY RELAXING SOME OF THE TERMS OF THE LOAN SCHEME.
HE SAID THE ADMINISTRATION MUST CONSIDER TO INCREASE THE INTEREST-FREE HOME PURCHASE LOAN SUBSTANTIALLY TO A LEVEL ENOUGH ΤΟ COVER OTHER NECESSARY ITEMS OF EXPENSES ASSOCIATED WITH HOME PURCHASE, SUCH AS LEGAL FEES, STAMP DUTY, FIRE INSURANCE PREMIUM AND DECORATION.
THE FINANCIAL BURDEN ON THE HOME BUYER WOULD BE REDUCED, IF THE GOVERNMENT CONSIDERED TO MAKE MORTGAGE REPAYMENTS TAX-EXEMPTED, HE NOTED.
FURTHERMORE, IF THE LOAN WAS ONLY SUBJECT TO A MAXIMUM AMOUNT WITHOUT THE 10 PER CENT OF THE FLAT PRICE RESTRICTION, THE ARRANGEMENT WOULD INEVITABLY RENDER THE MONTHLY MORTGAGE REPAYMENTS LESS ONEROUS FOR THE LOAN RECIPIENTS, HE ADDED.
SECONDLY, DR HO SAID THE HOME PURCHASE LOAN SCHEME SHOULD BE EXTENDED TO INCLUDE PRIVATE SECTOR TENANTS AND WAITING-LIST APPLICANTS WHO MET THE INCOME CRITERIA FOR HOME OWNERSHIP SCHEME, AND THAT THE INITIAL 2,000 LOANS SHOULD BE DOUBLED TO PROVIDE OPPORTUNITIES FOR HOME PURCHASE.
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