Bank Simpanan Nasional (BSN) is striving to get 10,000 new borrowers for its Youth Housing Scheme to boost its current low take-up rate, Bernama reported on Thursday, June 14, as reported in TheEdgeProperty.com.my.

"We are targeting 10,000 new borrowers. The scheme runs for two years and if there is a need we shall extend it," Kameel Abdul Halim, deputy chief executive (Strategy & Communication) told reporters and Bernama at BSN's Hari Raya open house here on Thursday.

Kameel revealed that only 2,000 borrowers took advantage of the scheme from BSN since it was launched last July. The scheme is meant to help married youths own their first home.

The property price for purchases under the scheme is up to RM500,000, and BSN would allocate RM10 billion for the programme, dubbed the "BSN MyHome” flagship products, Kameel explained.

Bernama reported that the facility is meant to finance the purchase of either completed, under construction or sub-sale properties, with 50% of stamp duty exemption on the transfer of ownership and facility documents.

As for Bank Negara Malaysia's cutting of the overnight policy rate (OPR), Kameel said it would encourage economic activity and banks would lower interest rates to extend financing to more borrowers.

"The cost of borrowing is getting cheaper. While the OPR will affect mainly the floating rate loans, from now on the new fix rate [for housing] will also be lower as the interest rate has gone down," Bernama reported him as saying.