Bank Negara's New Home Loan Measures: Which Bank is Best for You?
Bank Negara Malaysia announced on 5 July 2013 a new set of measures aimed at curbing excessive household debts. What do you guys think of the new measures?
By Melody Oei — 08 Jul 2013, 03:43 PM — Updated almost 11 years ago
Which bank offers the best home loans?
Find the best deals on home loans in Malaysia. Compare mortgage conditions of different banks and apply for the one you like online
imoney.my
CIMB may have very attractive interest rates for loan sizes above RM500k, while Public Bank may be more attractive for loans of a lower amount. It is uncommon for one particular bank to have the most attractive interest rates across all loan sizes.
loanstreet.com.myIf you require a Zero Moving Cost Package (the bank absorbs the legal fees and stamp duty for the loan agreement): Only a handful of banks have Zero Moving Cost packages. In such situations, even if the bank offers a very attractive interest rate, it still is not the "best fit" for the customer.
loanstreet.com.myAnother key differentiator for the "best" mortgage loan is the difference in service and efficiency between different banks. This is usually highly under-appreciated. The efficiency of a bank is the difference between a 3 days approval process versus a 3 weeks approval process.
loanstreet.com.myBank Negara announces set of measures aimed at curbing excessive household debts
Bank Negara Malaysia announced on Friday, 5 July, a set of measures aimed at curbing excessive household debts and to reinforce responsible lending practices by key credit providers.
starproperty.my
Here's what's effective as of 5 July 2013:
Mortgages will be capped at 35 years (maximum tenure of 35 years for financing granted for the purchase of residential and non-residential properties) and personal loans at 10 years as well as a prohibition on offering pre-approved personal financing products.
Confusing? Here's what you need to know in a simple infographic:
Infographic showing latest Bank Negara policy changes in an easy way.
imoney.my
As of 5 July 2013, Bank Negara Malaysia ("BNM") announced the tightening of home and personal loan regulations. If you are planning to take up a bank loan be it for personal use or to finance a property in Malaysia, take note that these measures affect you with immediate effect (Infographic from http://www.imoney.my/articles/new-loan-regulations/).
Image via imoney.myWhy is Bank Negara Malaysia doing this?
Bank Negara said the move was because household debts had continued to increase at a strong pace, averaging at an annual rate of 12% over the recent 5 years.
bangkokpost.comWhat else will Bank Negara Malaysia do?
In addition to the measures announced, the central bank said that it will step up efforts to educate first-time borrowers on financing.
mutiara-damansara.comA few more things you should know about the current state of Malaysians
Malaysian households are the most indebted in Asia relative to what they earn, at 182% of annual income, according to a report released by Standard Chartered this week (5 July 2013).
bangkokpost.comAccording to Malaysian Insider, a large segment of Malaysians are suffocating under debt and this includes youth, graduates and civil servants. Most of them earn RM3,000 and below a month.
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