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My First House scheme attracts 1,600 applications

KUALA LUMPUR (Mar 15):  The My First House Scheme attracted a total of 1,624 applications as at the end of January 2012, said Bank Negara Malaysia (BNM).

In a statement on Wednesday, the central bank said of 1,624 applications, 562 were withdrawn due to multiple applications to various banking institutions.

"A total of 389 or 36.6% of the applications have been approved by banking institutions, of which 280 obtained guarantee from Cagamas.

"Meanwhile, 168 or 15.8% of the applications are currently being processed by banking institutions and another 505 or 47.5% of applicants are unable to meet the eligibility criteria," it added.

BNM said in order to qualify, applicants should have the capacity to meet their debt obligations, provide evidence of a sustainable income stream, a good credit history, and able to meet the basic eligibility criteria of the scheme.

"The intention is to ensure that young borrowers are not over burdened by debt obligations that may lead to bankruptcies or foreclosures," it added. — Bernama

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