The dilemma for new homebuyers continues as many are still struggling to acquire mortgage loans to purchase affordable homes.
According to Sabah State Local Government and Housing Minister Datuk Seri Hajiji Noor, the state encountered nearly 75% loan rejection rate for the application of homes below RM250,000.
“It’s saddening that, despite an abundant supply of affordable homes in the market, many youngsters are still unable to purchase homes for their own stay,” he said.
In regards to this, the minister is looking forward to having a discussion with Bank Negara on this issue, as to come up with a solution for the applicants of the affordable housing scheme.
On the other hand, a similar situation is faced by the citizens of Selangor as the loan rejection rate in the state is about 60% of the total loan applicants. One of the identified reasons for the rejections are due to the applicants’ National Higher Education Fund Corporation (PTPTN) loans.
“Many applicants, mostly youngsters, are facing loan rejection due to their unsettled or pending PTPTN payments. Most have deferred their education loan installment previously, which poses difficulty in obtaining a mortgage loan now,” said Selangor Housing Committee chairman Datuk Iskandar Abdul Samad.
To come up with a solution for this problem, Samad had approached Bank Negara Malaysia for a discussion. However, the request for a discussion was declined.
As to help the applicants to purchase their dream home, the committee has arranged schemes such as Smart Sewa scheme and Dana Sel. At the moment, the SelangorKu housing programme has successfully completed 3 projects and the remaining 11 projects are still under construction. The houses are priced below RM250,000 under this scheme.
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my
