BANK Negara Malaysia has launched a RM1 billion fund to help households earning RM2,300 and below purchase affordable homes.
Finance Minister Lim Guan Eng said the “Fund for Affordable Homes” scheme would be for the purchase of houses costing below RM150,000 each.
“We will work with Bank Negara to work on enabling the B40 (Bottom 40) group to afford homes,” said Lim at Sasana Kijang, here, yesterday.
“The fund will benefit first-time buyers who, otherwise, would not be able to afford a home due to the financial constraints and loan eligibility.
“AmBank, Bank Simpanan Nasional, CIMB Bank, Maybank and RHB Bank will be providing the financing with the rate capped at 3.5 per cent per annum,” he added.
Bank Negara governor Datuk Nor Shamsiah Mohd Yunus said with the new incentive, house owners’ monthly instalments would be lower by 23 per cent.
“The fund is being offered for two years, starting from January 2. It should be viewed as a temporary measure and offered for a limited time only.”
