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Bank Negara Malaysia’s RM1 Billion Fund for Affordable Homes

Bank Negara Malaysia has announced enhancements to the RM1 billion Fund for Affordable Homes, which aims to help home buyers from the lower-income group to finance the purchase of their first homes. 

The enhancement, which will take effect on 1 September 2019, involves the expansion of the eligibility criteria, as follows:

  1. Maximum monthly household income is increased to RM4,360; and
  2. Maximum property price is increased to RM300,000
  3. Key features of BNM’s Fund for Affordable Homes
TERMS  FEATURES
Eligibility • Malaysian citizens
• Maximum monthly household income of RM4,360
• Salaried worker or self-employed
• Single or joint borrowers
• No record of impaired financing for the past 12
months
Property price Up to RM300,000
Margin of financing The margin of financing may include down payment
support and mortgage term assurance/takaful
contribution
Property type Residential properties in the primary market only
Financing rate Up to 3.5% p.a.
Financing tenure Up to 40 years or up to age 70, whichever is
shorter
Financial education Online mandatory financial education module
provided by Agensi Kaunseling dan Pengurusan
Kredit (AKPK) to assist potential borrowers
understand their financial commitments prior to
purchasing a home
• The module can be accessed from AKPK’s
RumahKu portal at learn.akpk.org.my from 3
November 2018
Moratorium on sale of property  5 years

Members of the public may contact the participating financial institutions for further information:

  • AmBank (M) Berhad (AmBank) 03-2178 8888
  • Bank Simpanan Nasional (BSN) 1-300 88 1900
  • CIMB Bank Berhad (CIMB) 03-6204 7788
  • Malayan Banking Berhad (Maybank) 1-300 88 6688
  • RHB Bank Berhad (RHB) 03-9206 8118 (West Malaysia); 082-276118 (East Malaysia)

The public may also contact BNMTELELINK at 1-300-88-5465 (LINK).

SOURCE: BANK NEGARA MALAYSIA

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