KUALA LUMPUR, March 2 (Bernama) — First time house buyers should shop around to find financing which best suits their needs as certain commercial banks do offer special packages for first timers, says Association of Banks in Malaysia (ABM).
ABM also suggested that these first timers work with their financiers when assessing the suitability and affordability of any facility applied to ensure a more robust financial management for buyers.
“What is important is for such buyers to recognise the need to make sound decisions of their own affordability appropriate to their financial circumstances,” the association said in a statement.
It added that some of the factors house buyers needed to consider included the availability of adequate down payment, good credit record and financial capability to make monthly payments.
ABM also stressed the need for applicants to fully and accurately disclose all material information about their financial position as this would be help commercial banks in carrying out an affordability assessment.
“For self-employed applicants, banks will also take into account their proof of savings and regular income sources,” it said.
ABM also encouraged first time house buyers to consider applying for the government’s ‘My First Home Scheme’.
Resources: WMA PROPERTY