Bank Simpanan Nasional (BSN) is targeting over 10,000 new borrowers under its Youth Housing Scheme, said its deputy chief executive (strategy and communications) Kameel Abdul Halim.
Despite having only attracted 2,000 borrowers since the scheme was launched in July last year, Kameel said the central bank’s decision to lower the overnight policy rate (OPR) is expected to spur renewed interest in such schemes.
As the property price for purchases under the scheme can be up to RM500,000, Kameel said BSN would allocate RM10 billion for the facility, dubbed the ‘BSN MyHome’ flagship products, specifically designed to help married youths own their first home with ease.
Under the scheme, the government will provide a RM200 monthly financial assistance to borrowers for the first two years to reduce the burden of monthly instalments.
It is offered to first-time house purchasers among married Malaysians, aged 25 to 40, with a household income of not more than RM10,000 per month.