{"id":10365,"date":"2019-08-23T16:18:06","date_gmt":"2019-08-23T08:18:06","guid":{"rendered":"https:\/\/www.iqiglobal.com\/blog\/?p=10365"},"modified":"2026-01-09T16:18:29","modified_gmt":"2026-01-09T08:18:29","slug":"bank-negara-malaysias-rm1-billion-fund-for-affordable-homes","status":"publish","type":"post","link":"https:\/\/iqiglobal.com\/blog\/bank-negara-malaysias-rm1-billion-fund-for-affordable-homes\/","title":{"rendered":"Bank Negara Malaysia\u2019s RM1 billion fund for affordable homes"},"content":{"rendered":"\n

Bank Negara Malaysia<\/a><\/span><\/strong> has announced enhancements to the RM1 billion Fund for Affordable Homes<\/a><\/span>,<\/strong> which aims to help home buyers from the lower-income group to finance the purchase of their first homes. <\/p>\n

The enhancement, which will take effect on 1 September 2019,<\/span><\/strong> involves the expansion of the eligibility criteria, as follows:<\/p>\n

    \n
  1. Maximum monthly household income is increased to RM4,360; and<\/strong><\/li>\n
  2. Maximum property price is increased to RM300,000<\/strong><\/li>\n
  3. Key features of BNM’s Fund for Affordable Homes<\/strong><\/li>\n<\/ol>\n\n\n\n\n\n\n\n\n\n\n\n
    TERMS <\/strong><\/td>\nFEATURES<\/strong><\/td>\n<\/tr>\n
    Eligibility<\/strong><\/td>\n• Malaysian citizens
    \n• Maximum monthly household income of RM4,360
    \n• Salaried worker or self-employed
    \n• Single or joint borrowers
    \n• No record of impaired financing for the past 12
    \nmonths<\/td>\n<\/tr>\n
    Property price<\/strong><\/td>\nUp to RM300,000<\/td>\n<\/tr>\n
    Margin of financing<\/strong><\/td>\nThe margin of financing may include down payment
    \nsupport and mortgage term assurance\/takaful
    \ncontribution<\/td>\n<\/tr>\n
    Property type<\/strong><\/td>\nResidential properties in the primary market only<\/td>\n<\/tr>\n
    Financing rate <\/strong><\/td>\nUp to 3.5% p.a. <\/td>\n<\/tr>\n
    Financing tenure<\/strong><\/td>\nUp to 40 years or up to age 70, whichever is
    \nshorter<\/td>\n<\/tr>\n
    Financial education<\/strong><\/td>\n Online mandatory financial education module
    \nprovided by Agensi Kaunseling dan Pengurusan
    \nKredit (AKPK) to assist potential borrowers
    \nunderstand their financial commitments prior to
    \npurchasing a home
    \n• The module can be accessed from AKPK’s
    \nRumahKu portal at learn.akpk.org.my from 3
    \nNovember 2018<\/td>\n<\/tr>\n
    Moratorium on sale of property <\/strong><\/td>\n5 years<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Members of the public may contact the participating financial institutions for further information:<\/strong><\/p>\n