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KUALA LUMPUR (August 14): Bank Negara Malaysia (BNM) is expected to roll out a special housing loan scheme tailored for the low-to-middle income group with regard to first-home ownership by next month, according to the ministry of finance (MoF).
“BNM is in the process of finalising a new financing scheme for the purchase of first homes for the low-to-middle income group with several pioneer banks, Cagamas Bhd and the housing and local government ministry,” the ministry said in a written reply to a parliamentary question by member of parliament for Padang Besar Datuk Zahidi Zainul Abidin, who asked about the government’s strategy to help people obtain bank loans for affordable housing and first-home financing for youth in view of BNM’s strict conditions and procedures.
The features of the scheme include giving flexibility to banks in lending guidelines for first-home buyers, requiring first-home buyers to attend financial counselling to ensure they receive adequate financial advice before taking a housing loan, and reducing the overall cost of first-home ownership such as stamp duty and insurance.
The ministry said for the time being, homebuyers who intend to purchase their first home can access the schemes offered by financial institutions in collaboration with the government such as My First Home Scheme, Skim Jaminan Kredit Perumahan, Skim Pembiayaan Fleksibel PR1MA and Skim Sewa-Beli Hartanah.
This article first appeared in The Edge Financial Daily, on Aug 14, 2018.
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