In a bid to help first-time buyers get up the property ladder, Maybank introduced a new affordable housing loan scheme, in which it offers RM10 billion worth of mortgage financing, reported New Straits Times.
Dubbed MaxiHome Ezy, the scheme allows customers to service the interest/profit portion of their mortgage during the first five years, with full instalments starting in the sixth year onwards.
Datuk Mohamed Rafique Merican, Maybank Islamic’s chief executive officer, explained that the new mortgage scheme, which is available under both Islamic and conventional banking, is another initiative of Maybank to support home buyers facing affordability issues when acquiring their home, particularly the younger generation who have just entered the workforce.
“Maybank MaxiHome Ezy allows buyers to manage their cash flows more efficiently within the first five years owing to the lower monthly commitments,” he said following the launch of the mortgage scheme in conjunction with the Malaysian Property Expo (MAPEX) 2018.
“This will allow them to have more cash-in-hand to take care of other typical expenses of home ownership like moving-in-expenses and renovations.”
Aside from the flexibility to pay less during the first five years, the scheme also allows borrowers to make additional payments into the mortgage over the years when their income have increased, without incurring any penalty – enabling them to save on interest/profit, added Mohamed Rafique.
In 2017, the group saw its mortgage portfolio in Malaysia increase 7.6 percent year-on-year.