KUALA LUMPUR: Bank Negara Malaysia has expanded the eligibility criteria for those seeking to buy property under the RM1 billion fund for affordable homes.
The central bank governor, Nor Shamsiah Mohd Yunus, said effective Sept 1, 2019, the maximum monthly household income to be eligible for such loans would be increased to RM4,360 from RM2,300 while the maximum property price will rise to RM300,000 from RM150,000.
Speaking at the launch of “Khidmat Nasihat Pembiayaan (MyKNP)”, she said the new terms would help buyers from the lower-income group to finance the purchase of their first home.
Shamsiah said for the first six months of this year, financial institutions approved housing loans worth RM78.5 billion to 180,000 applicants.
As for small and medium enterprises (SMEs), she said for the first six months of this year, RM152 billion worth of funds were approved compared with RM149 billion last year.
Shamsiah added that SMEs are an important business segment for financial institutions and made up 87% of business accounts.
She explained that MyKNP was a collaboration between the central bank, Credit Guarantee Corporation (CGC) and Agensi Kaunseling dan Pengurusan Kredit (AKPK), with the support of the finance industry.
It aims to improve the experience of applicants seeking funds by providing a greater understanding of factors affecting their applications and helping to raise their eligibility for future financing.
This will include offering information on alternative financing for SMEs or different funding solutions to homebuyers, she added.
Applicants who have been unsuccessful in securing SME funding or home financing can contact [email protected] and AKPK for free advisory services.