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:
- Maximum monthly household income is increased to RM4,360; and
- Maximum property price is increased to RM300,000
- 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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