BNM: No tightening policy for first-time home buyers

Bank Negara Malaysia (BNM) has clarified that they have no tightening policy for first-time buyers of affordable homes.

“The tightening requirement is for the third purchase of residential properties to avoid the risk of over-leveraging and an over-indebted situation in the country,” said Governor Tan Sri Dr Zeti Akhtar Aziz at yesterday’s release of the Labuan Financial Services Authority (FSA) Annual Report 2014.

“All borrowers need to pass the affordability assessment. We are doing this to guide banks to avoid the risk of over-leveraging and an over-indebted situation.”

Zeti made the statement in reply to media queries on whether it’s tightening policy on approving housing loans is too strict, with the high rejection rate forcing property developers to delay launches.

Notably, Johor State Secretary Datuk Ismail Karim was recently quoted by the media as saying that the state government received complaints from financially qualified first-time home buyers whose loans were rejected by banks.

Separately, Zeti said Malaysia continues to be on a steady growth path, with this year’s gross domestic product expected to stand at five percent on average.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
(Source From propertyuguru.com.my)
 
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