Weekly Industry News

HOC faces challenges to get more banks on board

Weekly Industry News

THE Home Ownership Campaign (HOC), which has been extended until the end of the year, could be an uphill task for the government, particularly in terms of getting more financial institutions to be on board in accommodating house buyers to secure loans.

United Malayan Land Bhd Townships group director Wong Kuen Kong said the lenders are not obliged to bend their rules as they still have to safeguard their own interests.

He said most banks will still take borrowers’ credentials into consideration, despite what the government said.

“Banks will always want to protect their safety margin. Unless the government can afford to step in to provide more assurance to the banks to approve loans based on less requirements, the banks will always exercise their own discretion or criteria in approving loans.

“I really do not know how Zuraida Kamaruddin’s mechanism will work, but if it can help buyers in obtaining financing for their houses, it will help the HOC,” he told The Malaysian Reserve (TMR).

Media Title:  The Malaysian Reserve

Date: 31 Jul, 2019

Photo Credit

We take processes apart, rethink, rebuild, and deliver them back working smarter than ever before.