PETALING JAYA (March 30): The MALAYSIA BUILDING SOCIETY BHD [] (MBSB) aims to disburse some RM500 million in loans through its newly launched "MBSB My First Home Scheme" campaign this year.
President-cum-Chief Executive Officer Datuk Ahmad Zaini Othman said if the reception towards the scheme, aimed at first-time home buyers was good, MBSB would have a RM1 billion stretched target.
He said the scheme was designed to allow eligible Malaysians under the age of 35 years' old to buy their first house with a ceiling price of RM500,000 and at a 100 per cent margin of financing, offering customers with an exemption of the normal 10 per cent downpayment.
"We hope this will provide relief to the targeted group who are mainly newcomers to the workforce and are challenged by the rising costs of living and of property in the country.
"This scheme is definitely in support of the government's call and Prime Minister Datuk Seri Najib Tun Razak's aspiration to promote home ownership among younger generation in Malaysia," he told reporters after launching the "My First Home Scheme" campaign.
On another matter, Ahmad Zaini said MBSB was on track to realise its goal to establish as a full-fledged development bank.
"For the past three years, we have been closing some important gaps. We need certain approvals from Bank Negara and shareholders' endorsement to move on.
"This may be realised this year or even next year. Even if you look at our products, we are offering financial products similar to banks.
"The gaps are very small now. We will continue to push our efforts to convince the shareholders, the central bank and the authorities," he added.
Set up in 1950, MBSB is an exempt finance company, with the Employees Provident Fund and Permodalan Nasional Bhd as its two major shareholders.
Ahmad Zaini also said MBSB was planning to open seven to eight branches nationwide this year. It has 36 branches currently. - Bernama
President-cum-Chief Executive Officer Datuk Ahmad Zaini Othman said if the reception towards the scheme, aimed at first-time home buyers was good, MBSB would have a RM1 billion stretched target.
He said the scheme was designed to allow eligible Malaysians under the age of 35 years' old to buy their first house with a ceiling price of RM500,000 and at a 100 per cent margin of financing, offering customers with an exemption of the normal 10 per cent downpayment.
"We hope this will provide relief to the targeted group who are mainly newcomers to the workforce and are challenged by the rising costs of living and of property in the country.
"This scheme is definitely in support of the government's call and Prime Minister Datuk Seri Najib Tun Razak's aspiration to promote home ownership among younger generation in Malaysia," he told reporters after launching the "My First Home Scheme" campaign.
On another matter, Ahmad Zaini said MBSB was on track to realise its goal to establish as a full-fledged development bank.
"For the past three years, we have been closing some important gaps. We need certain approvals from Bank Negara and shareholders' endorsement to move on.
"This may be realised this year or even next year. Even if you look at our products, we are offering financial products similar to banks.
"The gaps are very small now. We will continue to push our efforts to convince the shareholders, the central bank and the authorities," he added.
Set up in 1950, MBSB is an exempt finance company, with the Employees Provident Fund and Permodalan Nasional Bhd as its two major shareholders.
Ahmad Zaini also said MBSB was planning to open seven to eight branches nationwide this year. It has 36 branches currently. - Bernama
