Banks supportive of 'My First House Scheme'

The Association of Banks in Malaysia (ABM), comprising Malaysian commercial banks, has reiterated its members' support towards My First House Scheme.

Its executive director, Chuah Mei Lin said participating banks have been accepting and processing applications for the scheme, which were reviewed based on its merits.

The merits included the applicant's credit score, behaviour and debt servicing capability as well as conditions envisaged by the scheme. In the case of some banks, the acceptance rate for the scheme is higher than the banks' average acceptance rate, she added.

"There is no intention whatsoever on the part of the banks to be unduly harsh and difficult," she said in a statement today.

Chuah said the scheme started to gain momentum and garnered better response after the purchase price was increased to RM400,000 in the 2012 Budget and operational issues were put in place towards end-2011.

Participating member banks are continually reviewing their strategy and engaging with the authorities to ensure that the scheme is a success, she added.

Members of the public who wish to know more about banks participating in the scheme may access the scheme website, [You must be registered and logged in to see this link.] or contact ABM's toll free line at 1-300-88-9980 or write to the association via its website, [You must be registered and logged in to see this link.] -- Bernama