Homes just aren’t that affordable, says Bank Negara

Rising prices: A view of houses at Damansara Heights and its surrounding areas. The latest available data reveal that the median house price in Malaysia is 4.4 times the median annual household income.

KUALA LUMPUR: Bank Negara has a response to those saying it needs to do more to spur home loans: houses simply aren’t affordable.

The central bank has created a website packed with data aimed at debunking the “myth” that access to financing was deterring home ownership, showing that loan approvals for key cities are near 70% or higher. The central bank has resisted calls to loosen mortgage lending, instead saying the property industry should boost efforts to cut costs and accelerate supply.