BNM has finally decided to put up a rule that banks to lend only up to 70% of the house value.
A quick example: Total Price for a condo is RM100,000. Approved bank loan now is only RM70,000 and the balance of RM30,000 shall be paid by the buyer!!
However, this mortgage lending rule applies only to borrowers taking up a third housing loan. THe reason behind this is meant to curb excessive investment and speculative activity in urban areas.
So, for small time property investor like myself,it's gonna be a little harder in purchasing my next property. But, like everything else in life, when there's a will there's a way........
What do you think of this rule?
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