Housing Loan Approval Rates Remain High, Says ABM
KUALA LUMPUR: The Association of Banks in Malaysia (ABM) refutes allegations published in a local publication that house buyers are finding it harder to obtain a housing loan and that loan approval time is increasing.
"Housing loan approval rate remains high at 73% of the applications in the second quarter of 2017. 72% of the housing loan borrowers are first-time house owners under the affordable home category.
"For the first 8 months of 2017, commercial banks approved over RM42.2bil and disbursed approximately RM39.5 billion in loans for the purchase of residential properties," it said in a statement issued to the media.
According to ABM, members banks take two to nine working days to process a housing loan application with complete documentation submitted by an applicant, and one or two days to inform unsuccessful applicants.
This contradicts the allegation in the publication that it takes 60 to 90 days for loans approval.
Information and statistical data on housing loans can be viewed at the Housing Watch website at www.housingwatch.my.