GEORGE TOWN: The Penang Bumiputera Development Council (MPBPP) has injected an additional RM5 million to provide Bumiputera housing financing facilities in Penang through the
Penang Bumiputera Housing Fund (TPBPP) which will be managed by the Co-opbank Pertama (CBP).
CBP chief executive officer Khairil Anuar Mohammad Anuar said the matter was one of those agreed by the MPBPP with the aim of improving the existing TPBPP scheme to facilitate property ownership by Bumiputera in Penang.
"This is in line with the objective of establishing TPBPP, created on Feb 27, 2012, to help Bumiputera who are less able to own their own houses.
"It is also to increase Bumiputera property ownership in the state by taking into account the environmental factors of home ownership in Penang," he said today.
According to Khairil, in addition to the RM5 million additional fund, the housing financing scheme is further improved with the applicant's family income limit increased to a maximum of RM12,000 per month from RM3,000 per month previously.
"The amount of real estate financing limit has also been agreed to be increased to RM300,000 from RM200,000.
"The increase in the amount of the financing limit can to some extent give customers a choice to choose the type of property that suits their needs," he added.
He said that CBP, as a cooperative bank that started to establish a foothold in Penang, was very pleased with the mandate given by MPBPP to make the Bumiputera housing ownership scheme a success.
Meanwhile, Khairil said, prior to this, MPBPP had allocated RM14.59 million to CBP which was operated as a rolling-fund," he said.
The public can apply at all CBP branches in Penang starting July 1, this year.
This application is only opened to Bumiputera and is limited to real estate financing in Penang only.