Published: Friday October 19, 2012 MYT 9:37:00 PM
Chor urges commercial banks to ease housing loan conditions
KUALA LUMPUR: Housing and Local Government Minister Datuk Seri Chor Chee Heung urged commercial banks to ease the conditions for housing loans, in particular to buyers under the My First Home Scheme.
Many housing developers have complained, claiming that sales were hampered due to potential house buyer's difficulties in obtaining loans, he said.
"Although the stringent terms are set by Bank Negara Malaysia, the commercial banks should also assess if the borrowers are able to repay their loans," he told reporters after opening the 2012 Malaysia Property Expo (MAPEX), at the Mid Valley Exhibition Centre, here Friday.
Chor said the younger generation would be able to own homes at an earlier age if the commercial banks were flexible with their terms. "The flexibility will also boost the real estate and housing development industry and spur the country's economic growth," he said.
The three-day event is jointly organised by REHDA Malaysia and the Federal Territory and Selangor branches.
Eighty property developers and 14 banks are participating at the expo which is open from 10 am to 9 pm. Entrance is free. - Bernama