Thursday, January 3, 2013

Housing loan documents standardised to give protection to borrowers

Posted by Smookiekins On 1/03/2013 02:14:00 PM

The standardisation of documents for housing loan agreements by Bank Negara Malaysia (BNM) creates a protection mechanism for borrowers due to the problem caused by a lack of understanding on the agreement, said the Federation of Malaysian Consumers’ Association (Fomca).

Fomca secretary-general Datuk Paul Selvaraj said the use of language that was easily understood in the document could improve understanding by the borrowers compared to the ‘legal jargon’ used.

“Usually, our consumers seldom read the agreement because the language is complex besides the thickness of the agreement which is like a dictionary and even if it is read, we seldom understand the contents.

“Even when there are terms that we understand, it is difficult to ask the bank concerned to amend it (term). When they are standardised, it will give basic protection to the consumers as an assurance that our interests are protected,” he told Bernama.

On Friday, the BNM announced that all banking institutions were required to adopt a standard documentation for conventional housing loan and financing agreements for a principal loan of RM500,000 and below effective on Tuesday.

Meanwhile in KUALA PILAH, the Rural and Regional Development Ministry has allocated RM226 million next year for the management of 231 GiatMara centres nationwide and its headquarters.

Deputy Minister Datuk Hasan Malek said the ministry also allocated RM10 million next year for the incubator programme to turn GiatMara graduates into entrepreneurs.

“Negeri Sembilan has been allocated RM390,000 for the incubator programme next year where 60 participants will receive cheques for RM6,500 each. Kuala Pilah constituency has been allocated RM117,000,” he told reporters after the graduation ceremony of Negeri Sembilan GiatMara yesterday.

Hasan who is also Member of Parliament for Kuala Pilah hopes that the incubator programme would help participants start business.

He encouraged them to try to develop their business adding Mara was always willing to help by providing assistance including loans.

GiatMara incubator programme is an entrepreneur training plan which include aid such as starting capital, premises, equipment, guidance and exposure to business and entrepreneurship.

Source: New Sabah Times


  1. PR1MA akan menyediakan Dana Pemudah Cara Perumahan berjumlah RM500 juta untuk membina 30,000 unit rumah secara usaha sama dengan pemaju perumahan swasta. Harga rumah yang ditawarkan di bawah program ini adalah 20 peratus lebih rendah berbanding harga di pasaran dan proses pengagihan rumah akan dilaksanakan secara sistem pengundian terbuka.

  2. Bagi program Rumah Mesra Rakyat pula, Najib berkata, SPNB akan membina 21,000 unit rumah untuk 2013 yang berharga RM65,000 dengan subsidi sebanyak RM20,000 serta subsidi kadar faedah ke atas pinjaman sebanyak dua peratus.

  3. Peruntukan sejumlah RM543 juta akan disediakan untuk Jabatan Perumahan Negara melaksanakan 45 projek di bawah Program Perumahan Rakyat (PPR) melibatkan 20,454 unit rumah yang akan dibina menggunakan kaedah Sistem Pembinaan Berindustri (IBS), yang akan dijual antara RM30,000 hingga RM40,000 seunit berbanding harga pasaran sekitar RM120,000 seunit.

  4. Najib berkata, kerajaan bersetuju untuk menetapkan wang proses yang dikenakan bagi setiap permohonan pinjaman perumahan penjawat awam ditetapkan pada kadar RM100 tanpa mengambil kira jumlah pinjaman yang dipohon.

  5. Bahagian Pinjaman Perumahan (BPP) akan disusun semula dan kerajaan akan melantik panel bank komersial untuk menguruskan pinjaman perumahan kerajaan yang baru berkuatkuasa Januari tahun hadapan sebagai sebahagian daripada usaha konsolidasi fiskal dan mengurangkan beban tanggungan kewangan kerajaan.

  6. Kerajaan meminjam sebanyak RM6 bilion setahun untuk membiayai keperluan pinjaman perumahan penjawat awam yang diuruskan oleh BPP, Kementerian Kewangan.

  7. eruntukan dibawah Bajet 2011 sebanyak RM568 juta untuk
    o 300 unit di bawah Projek Bantuan Perumahan Bandar
    o 79,000 unit di bawah Program Perumahan Rakyat
    o 8,000 unit di bawah Projek Bantuan Rumah Sewa
    o Peruntukan tambahan RM50 juta untuk membantu pekerja-pekerja estet memiliki rumah di bawah Skim Pembiayaan

  8. Skim Rumah PertamaKu – Pembiayaan kewangan 100% kepada golongan muda berpendapatan kurang RM3,000 sebulan untuk membeli rumah pertama yang berharga kurang RM220 ribu. Kerajaan menawarkan jaminan ke atas pendahuluan 10% harga rumah.

  9. pihak kerajaan melakukan pelbagai program untuk membantu rakyat

  10. Diharap skim itu dapa membantu mereka yang memerlukan

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