MyBenefits: Housing
Housing Loan - The Bank Negara Fund for Affordable Homes
Affordable and Accessible Home Loans
Posted on August 22, 2019
All information has not been verified by the relevant Ministry/Agency
What is this programme about?
The Bank Negara (BNM) Fund for Affordable Homes is a homeownership initiative aimed at assisting first-time home purchasers to buy their first home by lowering the cost of purchase and also easing the home financing eligibility benchmark.
The scheme was launch in January 2019 and will be made available for 2 years or until the RM1 billion fund is fully utilised. Eligible home-buyers can obtain housing loans at an affordable rate at participating banks.
Effective September 01, 2019, BNM has eased the borrowing eligibility to broaden the reach to more households and higher value properties.
What are the benefits of the programme?
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Margin of financing: May include down payment support and mortgage term assurance/takaful contribution
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Financing rate: Up to 3.5% p.a.
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Financing tenure: Up to 40 years or up to age 70, whichever is shorter
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Stamp duty exemption.
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Affordable rates for mortgage protection cover.
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Waivers on the legal fees on sales and purchase and financing agreements.
Who is eligible to apply?
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Malaysian citizens
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Monthly household income < RM4,360 (previously RM2,300)
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Salaried worker or self-employed
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Single or joint borrowers
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No record of impaired financing for the past 12
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months
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Maximum property price: RM300,000 (previously RM150,000).
Programme Brief
Assistance: Affordable home loans
Income Group: Monthly household income less than RM4,360 a month
Target: Low-income households
Contacts
Ministry: Ministry of Finance
Implementing Agency: Bank Negara Malaysia
Email:
Mailing address: Jalan Dato' Onn, 50480 Kuala Lumpur, Malaysia
Telephone: 1300 88 5465
Where can you apply?
The participating financial institutions are AmBank, Bank Simpanan Nasional, CIMB Bank, Maybank and RHB Bank.
Contacts Participating Financial Institutions
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AmBank (M) Berhad (AmBank) 03-2178 8888
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Bank Simpanan Nasional (BSN) 1-300 88 1900
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CIMB Bank Berhad (CIMB) 03-6204 7788
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Malayan Banking Berhad (Maybank) 1-300 88 6688
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RHB Bank Berhad (RHB) 03-9206 8118 (West Malaysia);082-276118 (East Malaysia)
Follow the developments and other news @ anewmalaysia in the news >
New Malaysia | Govt Programmes | Aug 21, 2019 @ 19:17
More Malaysians can now own their own homes
|Read more >|NST
Bank Negara Malaysia’s Special Measures for Affordable Homes |Read more >|
New Malaysia | Govt Programmes | Aug 21, 2019 @ 19:22
BNM launches free financial advisory services for SMEs and home buyers|Read more >|SunDaily
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