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Eligible house loan applicants will not be rejected, says Association of Banks in Malaysia

KUALA LUMPUR (Nov 20): The Association of Banks in Malaysia (ABM) has reiterated that its member banks “have been and will continue to” provide home loans to all eligible borrowers, said the association in a statement issued today to rebut claims that commercial banks are imposing strict rules on home loan applicants.

“The allegation that banks are imposing strict rules on purchasers applying for loans is not true. Eligible applicants that meet the bank’s criteria will not be rejected,” said ABM in the statement today, in response to a news article dated Nov 14.

The news article quoted the Perak Real Estate and Housing Developers’ Association as saying developers have difficulties selling low-cost houses (between RM70,000 and RM150,000 per unit) — not because of the pricing of the houses, but due to strict rules set by banks on loan applications.

ABM, which represents 27 commercial banks with operations in Malaysia, argued that when determining the eligibility of an applicant, banks take into consideration various factors such as the capability of the applicant to repay the loan.

 

“Commercial banks are in the business of lending and will continue to extend financing to viable applicants,” said ABM.

“This is evidenced by the increase of 8.8% in the outstanding housing loans by the banking system as at end-Sept 2017. Financing remains available for eligible borrowers, with 71% of housing loan borrowers being first-time owners of affordable homes,” it added.

ABM further argued that member banks have been and will continue to remain prudent and responsible in providing housing loans to eligible house buyers.

“Members of the public may contact ABMConnect at 1300-88-9980 or via eABMConnect at www.abm.org.my for any enquiries or complaints related to housing loan matters,” it assured.

Source : The Edge Property