Housing loan approval rates remain high, says ABM

Posted on: 2017-10-09


                                            



KUALA LUMPUR: The Association of Banks in Malaysia (ABM) refutes allegations published in a local publication that house buyers are finding it harder to obtain a housing loan and that loan approval time is increasing.

"Housing loan approval rate remains high at 73% of the applications in the second quarter of 2017. 72% of the housing loan borrowers are first-time house owners under the affordable home category.  

"For the first 8 months of 2017, commercial banks approved over RM42.2bil and disbursed approximately RM39.5 billion in loans for the purchase of residential properties," it said in a statement issued to the media.

According to ABM, members banks take two to nine working days to process a housing loan application with complete documentation submitted by an applicant, and one or two days to inform unsuccessful applicants.

This contradicts the allegation in the publication that it takes 60 to 90 days for loans approval.


Share:

Source From: The Star

Other News & Articles


A guide to Auction Property

In my previous column, I talked about affordability as a choice when it comes to investing in properties. We increase our income to leverage more from the banks. ...

Posted on: 2018-07-18

The 5 Must- Know Legal Trends For Property Investment In Malaysia

There is no real estate if there is no law. Real estate, like any investment, is actually a byproduct of the law. The law gives you the fundamentals in real estate – from the issuance of the land title, recognition of boundaries and ownership....

Posted on: 2018-07-18

Spotting The Future Trend In Mixed Developments

No matter which field you may work in, the market is always evolving to accommodate the changing requirements of the population. The real estate market is no different...

Posted on: 2018-07-10