Banks to continue providing housing loans to qualified applicants

  • Business
  • Tuesday, 21 Nov 2017

In a statement yesterday, ABM said, the banks must engage with borrowers early for alternative repayment arrangements.

KUALA LUMPUR: The Association of Banks in Malaysia (ABM) has given its assurance that its member banks, comprising commercial banks operating in Malaysia, have and will continue to provide home loans to all eligible borrowers.

“Commercial banks are in the business of lending and will continue to provide financing to qualified applicants,” it said in a statement today, in response to a recent media report on purported loan restrictions.

ABM said the allegation that banks were imposing strict rules on house buyers who had applied for loans was not true.

“In determining the eligibility of an applicant, banks take into consideration various factors such as the applicant's capability to service the loan,” it said, adding that applicants who met the banks' criteria would not be rejected.

The association said this was manifested by the 8.8 % increase in the outstanding housing loans by the banking system as at end of September 2017.

“Financing remains available for eligible borrowers, with 71 % of housing loan borrowers being first-time owners of affordable homes,” ABM said. — Bernama

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