Looking to buy a house but worried about getting a loan? Now might be the best time to get one!
Housing and Local Government Minister Zuraida Kamaruddin revealed that Bank Negara Malaysia (BNM) is preparing new guidelines meant to ease the housing loan requirements for home buyers.
This came after a discussion between the Housing and Local Government Ministry, the central bank, the Ministry of Finance and the Employees Provident Fund. The decision comes after consideration being given to the number of unsold completed residential units in Malaysia.
She stated that the outcome of the meetings was that BNM would prepare a preliminary paper which would give brief guidelines for the industry to have more relaxed borrowing schemes, (to help) ease the difficulties for home buyers to get loans.
While these guidelines are still in the preparation stage, Minister Zuraida stated that she expects the final proposal to be ready by August 2018.
This is a bold move on the part of the Malaysian government, and will allow many more young buyers to become homeowners. Will it make a major difference in the industry? Let us wait and see.
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