KUALA LUMPUR: Homebuyers are strongly encouraged to disclose all their personal details accurately, including their financial position, when applying for a home loan.
The Association of Banks in Malaysia (ABM) said homebuyers should also consult their financiers when conducting suitability and affordability assessments for any facility applied for in order to pave the way for more robust financial management and successful home ownership.
"For this purpose, commercial banks may also accept alternative proof of income, such as ledgers, bank account statements and cash receipts as part of their evaluation process," ABM said in a statement yesterday.
The association said commercial banks in the country have been supportive in providing home loans to buyers across all segments of society.
"For genuine home buyers, especially owner-occupied mortgage applicants, banks typically have products to offer which match the buyer’s income level.
"The business of commercial banks is in the main lending, and they will continue to provide home financing to those who are eligible," it said.
Furthermore, banks will continue to conduct suitability and affordability assessments.
ABM stressed that it is therefore crucial for all consumers to recognise the need to make sound purchasing decisions based on their own financial circumstances.
Commercial banks with a focus on the retail sector have been continually reviewing their strategies and engaging with relevant authorities to boost home ownership in the country.
With the various home financing packages available in the market, consumers are advised to shop around to find one which best suits their needs.
Members of the public who wish to learn more about applying for home loans can contact the Association of Banks in Malaysia (ABM) at its ABMConnect hotline: 1-300-88-9980; or through email, the address of which can be found at eABMConnect at www.abm.org.my.
NOTE: You are invited to visit NSTP myRumah Property Showcase at Balai Berita in Bangsar, Kuala Lumpur.
Admission to the event (March 3-6), held from 10am to 6pm, is free.
Visit http://www.nst.com.my/myrumah for more.