Now, that RM1 billion fund from BNM is available to more people. Time to apply?

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Many are saying that loan approval is tough. Somehow it’s the banks’ problem for not approving. Somehow it’s the developers’ fault for not selling something affordable. Somehow it’s the fault of handphone manufacturers for selling something ever more expensive every time they launch a new model. Well, maybe can stop blaming and start applying for a loan from Bank Negara Malaysia instead? Remember that RM1 billion fund they reserved for those households whose income was RM2,300 or below? It’s now open to all those whose household income is RM4,360 and below.

Article in malaymail.com . BNM governor Datuk Nor Shamsiah Mohd Yunus said the maximum monthly household income is now increased to RM4,360 from RM2,300 set earlier, while the maximum property price is increased to RM300,000 from RM150,000 previously. This will be effective from 1st September 2019 and will be aimed at helping B40 households to own their first home. As of end-June 2019, BNM has approved 296 applications for the fund worth RM31 million.

Assistant governor Adnan Zaylani Mohamad Zahid said, “We haven’t fixed any specific performance target yet, but the intent is to deal with the cases (unsuccessful financing applications) and help improve the eligibility. We do hope people as well as borrowers who had faced such rejection to make use of this facility.”

The Fund, which has a maximum financing rate of 3.5 per cent per annum, is available for property in the primary market only. Borrowers must be salaried workers or self-employed and do not have any record of impaired financing for the past 12 months. Do read the full  Article in malaymail.com .

In other words, out of the RM1 billion, only 3% of the fund is utilised. This is not a good sign. Either people just could not qualify, or they do not want to buy or they did not know about it? If they are not qualifying, perhaps we need to know the reason. Is it because the supply of such homes just not available? If they did not want to buy, we cannot do much. if they did not know about it, that’s a pity yeah. Anyway, at least kopiandproperty.com readers knows about it. Well, with this latest initiative, let’s hope that by end of the year, we will see a much more significant amount from the fund is used.

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written on 22 Aug 2019

<Featured Image is courtesy of Stock Photos from fizkes>

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