KUALA LUMPUR: Bank Negara Malaysia (BNM) stressed the need to address housing issues, including managing the acute mismatch of supply and demand in the housing market as well as improving housing price transparency.
Governor Tan Sri Nor Shamsiah Mohd Yunus said home ownership cannot be solved through finance alone as most homes have become too expensive for many Malaysians.
“We must also address this issue even as we embark on more innovative solutions, including addressing the acute mismatch of supply and demand, improving housing price transparency and ensuring that a vibrant rental market is in place for those who aren’t ready or don’t. I don’t want to own a house,” she told reporters after announcing Malaysia’s fourth quarter economic growth of 2021.
Nor Shamsiah said this when asked to comment on new developments in lending facilities after the government asked the central bank to review housing finance models to make home ownership easier for poor people. middle 40 (M40) and bottom 40 (B40) incomes. groups.
On Thursday, Prime Minister Datuk Seri Ismail Sabri Yaakob called on financial institutions to facilitate financial access for B40 and M40 groups to enable them to purchase popular housing project units and affordable housing.
Nor Shamsiah said banks have been strongly supportive of home ownership initiatives with loan approvals of over RM60 billion to first-time home buyers in 2021.
“Of this amount, over 60% of new loans (have been) approved for properties priced at RM500,000 and below. ownership, especially for the low-income group,” she says.
“But we understand that since the pandemic a lot has changed, including the reality around housing demand. Funding models may also need to be adjusted. For example, as remote working becomes more common, potential buyers may (be) open to buying properties outside the city centre,” she added.- Bernama