News: Banks Urged To Provide First-Time Homebuyers Reasonable Financing

Aug 9, 2019

With tight lending rules causing property oversupply, ASEAN Chamber of Commerce (ACC) president Datuk Moehamad Izat Emir called on banks to provide first-time homebuyers easy access to reasonable financing for their houses.

“For a person who finds difficulty for monthly payment under current circumstances, the bank should consider to make it easy for them and refinancing may be the only option for buyers who did not want to lose their property,” he said on Bernama News Channel’s (BNC) ‘The Nation’ programme.

He also urged the government to provide more affordable homes or houses under the rent-to-own scheme.

Read More: Understand The Concept Of Base Lending Rate! 

National Property Information Centre’s latest data showed that the number of overhang units in Malaysia has continued to increase. For the first quarter of 2019 alone, overhang units increased by 5.5 percent in terms of units and 4.1 percent by value to 58,078 units and RM37.23 billion respectively from last year.

Residential properties accounted for the bulk at 32,936 units worth RM19.96 billion. Serviced apartments came in second, with 13,013 units valued at RM10.18 billion, followed by shops with 5,472 units worth RM4.5 billion and SOHO with 1,537 units at RM707.82 million. Last on the list was industrial properties with 1,120 units worth RM1.87 billion.

Of the overhang residential properties, 20,863 units valued at RM17.59 billion are priced above RM300,000 each.


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