‘Commercial banks support home ownership’

KUALA LUMPUR: Commercial banks in Malaysia have been supportive in providing home loans to buyers across all segments of society, the Association of Banks in Malaysia (ABM) said.

ABM said the main business of banks is lending and they would continue to provide home financing to those eligible.

“Banks will continue to conduct suitability and affordability assessments,” the association said in a statement yesterday.

It said banks with a focus on the retail sector have been continually reviewing strategies and engaging with the authorities to boost home ownership.

ABM stressed that banks have cooperated with Bank Negara Malaysia as well as the Credit Counselling and Debt Management Agency to improve affordability for first time home owners.

The association said banks have products to offer which match genuine home buyers’ affordability and income level, especially in the case of owneroccupied mortgage applicants.

Thus, consumers must recognise the need to make sound decisions based on their own affordability and appropriate to their financial circumstances.

Consumers were also encouraged to fully disclose material information with regard to their financial position when applying for a home loan.

“They should work with their financiers when making the suitability and affordability assessments for any facility applied for to pave the way for more robust financial management on the part of consumers,” ABM said.

It said banks might accept alternative proof of income such as ledgers, bank accounts statements and cash receipts during the evaluation process.

“Consumers are advised to shop around to find one which best suits their needs,” the association said.

Call ABM by dialing 1- 300- 889980 or email at eABMConnect by logging on to website, www. abm.org. my to know more about applying for home loans. — Bernama