FOR months, the dream of owning his first home hung in the balance for 26-year-old Mohd Rabbali Ahmad Bazir.
Although his application to buy a RM300,000 affordable apartment in Tanjung Tokong, Penang, was approved by the state, he was rejected by bank after bank.
“The first bank told me their affordable housing loan quota was full.
“The next two banks told me I needed to show another payslip because my salary alone was not sufficient, ” he recalled.
He did not give up and applied to a fourth bank. Only then did his perseverance pay off.
Mohd Rabbali, who is single, collected the key to his dream home at I-Condo@I-Santorini recently.
His reason for committing to a home was to win his girlfriend’s heart and prove he could build a future for his family.
“I want to own a home before I get married.
“I have a good job in a stable company and it was frustrating that the banks thought I was not loan-worthy, ” said the safety supervisor of a multi-national corporation in Bayan Lepas.
State housing committee chairman Jagdeep Singh Deo, who attended the key handover ceremony held by developer Ideal Property Group, said Mohd Rabbali’s struggle to secure a bank loan was something many home hunters face.
“Out of 10 applicants for loans to buy affordable units, six or seven get rejected.
“Since Mohd Rabbali finally got a loan, you can see that some commercial banks are being overly stringent.”
Jagdeep said he was happy with Bank Negara’s latest announcement on widening the eligibility guidelines of RM1bil Fund for Affordable Homes.
As of Sept 1, those with a monthly household income of up to RM4,360 can apply to the fund to buy an affordable home of up to RM300,000.
Previously, only households earning up to RM2,300 could apply to buy homes costing up to RM150,000.
“Now, we will be able to see more Malaysians owning homes, ” said Jagdeep.
More info on Bank Negara’s fund is found in the central bank’s affordable housing website, http://housingwatch.my.