Housing ministry, BNM to relieve housing loan requirements

KUALA LUMPUR (July 3): The Housing and City Government Ministry is working with Bank Negara Malaysia (BNM) to alleviate housing loan requirements for house buyers, in a quote to decrease the variety of unsold completed domestic systems in the country.Minister Zuraida Kamaruddin said the main bank is preparing standards to permit the relaxation of providing schemes.\”Present unsold systems are primarily due to location, accessibility, loan approval and high cost of buying houses. Recently, we have actually had meetings with the main bank, banks, the Staff members Provident Fund and the Ministry of Finance,\”she told a press conference today.\” God willing, the outcome of the conferences was that BNM will prepare a preliminary paper that comes with short standards for the market to have actually more unwinded obtaining plans,(to assist )relieve the troubles for home buyers to get loans,\” she added.Zuraida stated preparation is still in progress and that the last proposal would be made by August.\”I think by August, we can come out with the complete plan, which will exist by the ministry. Hopefully, we can introduce the new loan plan for the B40( bottom 40% )and M40 (middle 40 %)(family groups ),\”she said.According to the National Property Info Centre\’s (Napic) first-quarter residential or commercial property overhang data,

Malaysia saw a total of 34,532 unsold and completed homes, consisting of serviced houses and small-office home-office units since 1Q2018, worth RM22.67 billion.The figure has actually risen by as much as 40%, from the 24,738 systems worth RM15.64 billion recorded end of last year.Of the newest figure, 29%or 9,848 systems are serviced homes, 24 %or 8,315 systems are condos, while 18% or 6,336 systems are 2-and 3-storey terraced homes.

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http://www.theedgemarkets.com/article/housing-ministry-bnm-ease-housing-loan-requirements