The Association of Banks in Malaysia (ABM) is fully supportive of the government’s various initiatives to assist low and middle-income groups to purchase their own homes.
According to Executive Director Chuah Mei Lin, member banks which focus on the retail sector have been participating in government programmes such as the 1Malaysia People’s Housing (PR1MA) and My First Home Scheme.
“Member banks are continually reviewing their strategies and engaging with the authorities to boost home ownership in the country while reining in household debt,” she said in statement recently.
Chuah also said the rejection rate for housing loans have been on a declining trend from 25 per cent in 2012 to 18 per cent in 2014, reflecting borrowers and lenders adjusting better to the affordability assessments.
“Consumers who are eligible will be able to obtain financing and there are no tougher credit checks on potential buyers.
“What is important is for all consumers to make sound decisions of their own affordability appropriate to their financial circumstances,” she added.
Chuah added that ABM’s member banks offer various housing loan packages that meet the needs of consumers who are also encouraged to shop around to find a financing package which best suits them.
Image source: The Star