BNM Expands Eligibility Criteria For Affordable Home Fund

August 22, 2019

BNM Expands Eligibility Criteria For Affordable Home Fund

The eligibility criteria for Bank Negara Malaysia’s (BNM) RM1 billion Fund for Affordable Homes has been expanded, with the maximum household income of applicants raised from RM2,300 to RM4,360.

The maximum price for the property was also increased from RM150,000 to RM300,000, in line with the National Affordable Housing Policy’s definition of affordable homes.

The Sun Daily reported that the changes will take effect on 1 September.

Read more: A Comprehensive Guide To PR1MA, PPAM, My First Home Scheme, MyHome, Rumah Selangorku And RUMAWIP (Residensi Wilayah)

Launched in January, the fund – which is restricted to residential properties within the primary market with financing rate at up to 3.5 percent per annum – aims to help home buyers from the lower income group get up the property ladder.

Meanwhile, BNM – with the support of the financial industry – has collaborated with Credit Counselling and Debt Management Agency (AKPK) and Credit Guarantee Corp Malaysia Bhd (CGC) to establish the Khidmat Nasihat Pembiayaan (MyKNP).

The online platform aims to improve financing applicants’ experience, while providing greater understanding on the factors affecting their application and help raise their eligibility for future financing.

Read more: What Is Skim Rumah Pertamaku/My First Home Scheme?

In fact, applicants whose application for SME financing or home financing have been rejected can contact MyKNP @ CGC and AKPK, respectively and obtain further clarification on why their application were declined.

The public can also ask for advice on how to improve eligibility for future financing as well as information on alternative solutions (for homebuyers) or alternative financing (for SMEs). All these services are offered for free.

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