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KUALA LUMPUR (Bernama): Bank Negara creates a RM1bil fund to finance the first home purchase for those whose monthly income does not exceed RM3 300.
Finance Minister Lim Guan Eng said that the fund should be granted from January 1, 2019 to buy at affordable prices up to 150 million RMB.
"The fund is available at Ambank, CIMB Bank, Maybank, RHB Bank and Bank Simpanan Nasional (BSN) with a low financing ratio of 3.5 percent.
"This reduces the monthly payment installment for borrowers to obtain housing and obtain funding," he said when the 2019 budget was submitted by Dewan Rakyat on Friday.
In his speech on the budget "Credible Malaysian, Dynamic Economy, Prosperous Rakyat", Lim said that the fund was due for two years or until it was exhausted.
Meanwhile, Lim bought the first purchase of houses, up to 50,000 RMB, and the government exempted the transfer and credit agreement for 150 million RMB for two years, until December 2020.
The first home loan borrowers with household income up to RM5,000, Lim said that the government allocates RM25mil to Cagamas Bhd to provide a lease guarantee in order to provide borrowers with higher funding, including the deposit .
"The move is likely to save costs between seven and 11 percent for home buyers with the developer's discounts," he said.
Meanwhile, in order to support public sector employees in households, the government issues the retail repayment period to the Public Housing Finance Council (LPPSA).
Mr Lim said that the first funding period will be extended from 30 to 35 years, and the second funding period will be extended from 25 to 30 years.
He added that the RM400mil will be allocated to the maintenance and repair of civil servants, especially the police, the armed forces and the government quarters of the staff, to make them more comfortable. – Bernama
For full coverage of the 2019 budget, visit the http://bit.ly/budget2019TheStar website.
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