Bank Negara is intensifying efforts to assist first-time homebuyers by doubling its previous caps on household income and property prices to allow more to access its RM1bil fund.
Beginning Sept 1, eligibility for the Fund for Affordable Homes will be expanded to a maximum household income of RM4,360 from RM2,300 and the maximum property price has been doubled to RM300,000 per unit.
While the fund has been established since January, only a meagre 700 applications have been received. Only 390 applications have been processed so far, where the take-up rate is 76%.
The central bank has so far approved 296 applications and rejected 94, with RM31mil having been disbursed from January to June this year.
