Maybank to provide RM10 bln loans under new mortgage scheme

KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects to provide some RM10 billion in loans under its new MaxiHome Ezy scheme this year.

Maybank Islamic Bhd Chief Executive Officer Datuk Mohamed Rafique Merican said the new mortgage scheme was designed for first-time house buyers as it allowed greater flexibility and affordability with lower monthly repayments for the first five years.

“The scheme, which is available under both conventional and Islamic banking, allows customers to service only the interest/ profit portion of their mortgage for the first five years, with full instalments commencing from the sixth year onwards,” he said.

He told reporters this after the launch of the scheme by Urban Wellbeing, Housing and Local Government Ministry Deputy Secretary-General for Policy Dr Mary Wong Lai Lin, who represented the Minister, Tan Sri Noh Omar, at the Malaysia Property Expo (Mapex) here yesterday.

Also present were Real Estate and Housing Developers’ Association Malaysia (Rehda), Datuk Seri Fateh Iskandar Mohamed Mansor and Mapex 2018 Organising Chairman, Datuk Ng Seing Liong.

Mohamed Rafique said demand for housing was expected to remain strong, with the group recording a 7.6 per cent yearon-year growth in its mortgage portfolio in Malaysia last year, and anticipated the trend to continue this year.

Apart from the MaxiHome Ezy scheme, Maybank had recently introduced its HouzKey scheme, Malaysia’s first rent-to-own scheme by a bank, which provides an alternative solution to house ownership through an innovative scheme which does not require any down payment, while offering a locked-in purchase price for customers.

These initiatives were part of the group’s efforts to address the current challenge of house ownership and in supporting Malaysia’s national agenda on house ownership.

Organised by Rehda, the threeday Mapex 2018 which started yesterday showcases over RM300 million worth of properties for sale, involving around 40 developers.

Ng said this year’s theme, “A Home For Better Tomorrow”, was timely, as a growing number of people among the younger generation were interested in property investments.

“We are also aware that most of them have only joined the workforce for a short period and thus have yet to accumulate sufficient savings.

“We are therefore very happy that Maybank has heeded our call with the launch of this new scheme,” he added. — Bernama