MBSB Bank pro­cess­ing up to RM6­bil af­ford­able hous­ing loans

The Star Malaysia - StarBiz - - News - — Ber­nama

KUALA LUMPUR: MBSB Bank Bhd, Malaysia’s sec­ond largest full-fledged Is­lamic bank by as­set size, is cur­rently pro­cess­ing up to RM6­bil in loans for af­ford­able hous­ing.

Pres­i­dent and chief ex­ec­u­tive of­fi­cer Datuk Seri Ah­mad Zaini Othman said the ap­pli­ca­tions in the pipe­line in­cluded loans for the 1Malaysia Peo­ple’s Hous­ing Pro­gramme (PR1MA), 1Malaysia Civil Ser­vants Hous­ing Pro­gramme (PPA1M) and Fed­eral Ter­ri­to­ries Af­ford­able Hous­ing (Ru­mawip).

“We ex­pect to dis­burse all the loans this year,” he told re­porters af­ter sign­ing the Mort­gage Guar­an­tee Pro­gramme and Par­tic­i­pa­tion in My First Home Scheme with Caga­mas SRP Bhd here yes­ter­day.

Caga­mas SRP was rep­re­sented by its di­rec­tor Datuk Chung Chee Leong, who is also the pres­i­dent and CEO of Caga­mas Bhd.

Ah­mad Zaini said since ini­ti­at­ing the loans pro­gramme for af­ford­able hous­ing two years ago, the bank had dis­bursed about RM4.5bil in loans for this cat­e­gory com­pris­ing some RM2­bil for PPA1M, RM1.6bil for PR1MA and about RM900mil for Ru­mawip.

On the col­lab­o­ra­tion with Caga­mas SRP, he said the bank would ob­tain guar­an­tee cov­er­age from Caga­mas SRP for its home fi­nanc­ing port­fo­lio to fa­cil­i­tate its ef­fi­cient cap­i­tal man­age­ment.

He said the bank would also be able to pro­vide up to 100% fi­nanc­ing to young adults aged be­low 40 years and ob­tain guar­an­tee from Caga­mas SRP for the 10% down pay­ment.

The col­lab­o­ra­tion with Caga­mas SRP would give an added fea­ture for MBSB end fi­nanc­ing for af­ford­able hous­ing.

Mean­while, Chung said since its launch in 2011, My First Home Scheme had gar­nered par­tic­i­pa­tion from 23 fi­nan­cial in­sti­tu­tions, with 7,920 loans amount­ing to RM1.6bil ap­proved under guar­an­tee by Caga­mas SRP.

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