A Study on Housing Loan Demand in Malaysia
CHAPTER 1
INTRODUCTION
1.1 Introduction
Housing is human basic requirement and the most important and peculiar of commodities. Unlike the most other commodities, it is complex package of goods and services that extends well beyond the shelter provided by dwelling itself. Housing is also primary determinant of personal security autonomy, comfort well being and status, and the ownerships itself structures access to other scarce resources, such as occupational, educational, medical, financial and leisure facilities. Housing may also be termed as one of the longest life of all durable goods (Muth, 1989) statement taking from previous review done by Wang Leong Seng.
Shelter is one of the human basic physiological need (Maslow's Hierarchy of Needs). In this modern era, shelter comes in a form of house and it is the most important component of the socio-economy sector. This has laid to the formation of many policies and programs aimed at ensuring that all Malaysians, particularly the low-income group, have access to adequate shelter and related facilities
To most individuals housing represents the largest single investment item of a lifetime. This is especially true as family incomes increase and housing viewed less as a basic consumption and more as a key to a secure future. Developing countries have learned that the provision of decent housing for all cannot be left to the play of the market forces alone. Whereas the well-to-do few have no trouble in obtaining comfortable homes, the majority of families in the developing countries go without adequate housing and related facilities. Therefore, the governments found it necessary to intervene in the production of housing for their population.
From economic overview, Malaysia has reached a defining moment in its development path. Vision 2020 is not possible without economic, social and government transformation. Malaysia now moving from middle income to be a higher income economy country. For
INTRODUCTION
1.1 Introduction
Housing is human basic requirement and the most important and peculiar of commodities. Unlike the most other commodities, it is complex package of goods and services that extends well beyond the shelter provided by dwelling itself. Housing is also primary determinant of personal security autonomy, comfort well being and status, and the ownerships itself structures access to other scarce resources, such as occupational, educational, medical, financial and leisure facilities. Housing may also be termed as one of the longest life of all durable goods (Muth, 1989) statement taking from previous review done by Wang Leong Seng.
Shelter is one of the human basic physiological need (Maslow's Hierarchy of Needs). In this modern era, shelter comes in a form of house and it is the most important component of the socio-economy sector. This has laid to the formation of many policies and programs aimed at ensuring that all Malaysians, particularly the low-income group, have access to adequate shelter and related facilities
To most individuals housing represents the largest single investment item of a lifetime. This is especially true as family incomes increase and housing viewed less as a basic consumption and more as a key to a secure future. Developing countries have learned that the provision of decent housing for all cannot be left to the play of the market forces alone. Whereas the well-to-do few have no trouble in obtaining comfortable homes, the majority of families in the developing countries go without adequate housing and related facilities. Therefore, the governments found it necessary to intervene in the production of housing for their population.
From economic overview, Malaysia has reached a defining moment in its development path. Vision 2020 is not possible without economic, social and government transformation. Malaysia now moving from middle income to be a higher income economy country. For