{"id":3416,"date":"2019-06-21T11:20:47","date_gmt":"2019-06-21T11:20:47","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3416"},"modified":"2021-06-04T14:29:44","modified_gmt":"2021-06-04T07:29:44","slug":"stop-lending-to-people-who-cant-afford-homes-in-malaysia-thinktank","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/stop-lending-to-people-who-cant-afford-homes-in-malaysia-thinktank\/","title":{"rendered":"Stop lending to people who can\u2019t afford homes in Malaysia: thinktank"},"content":{"rendered":"

Although finance ministry says consumers have more room to borrow now<\/p>\n

\"\"
The Kuala Lumpur City Centre skyline. Patrick Foto\/Shutterstock<\/figcaption><\/figure>\n

While affordability and home ownership remain hot-button issues for the Malaysian government, its suggestion that banks aid first-time house buyers could prove to be \u201cdangerous,\u201d the Centre for Governance and Political Studies stated in an open letter<\/a> published yesterday.<\/p>\n

The Kuala Lumpur-based thinktank went on to decry the provision of financing options for homes that \u201cpeople cannot afford in the first place.\u201d<\/p>\n

\u201cWe would be irresponsibly allowing Malaysians to buy houses they shouldn’t be buying at all. This will only lead to a mortgage crisis. Demands from the Ministry of Finance for banks to provide easier loans paints an unhealthy perception for the freedom of doing business in Malaysia,\u201d the letter read.<\/p>\n

More: Johor has most unsold homes in Malaysia<\/strong><\/a><\/p>\n

The statement comes on the heels of Finance Minister Lim Guan Eng\u2019s call for commercial banks to widen first-time home buyers\u2019 access to credit. The minister, emboldened by the slight dip of the household debt ratio to gross domestic product (GDP) to 83 percent in 2018, exhorted banks to loosen lending rules for property seekers and investors.<\/p>\n

\u201cConsumers have more room to borrow for wealth accumulation purposes, either for saving schemes, or for non-speculative investments, including acquisition of long-term assets,\u201d he said in a a statement.\u00a0\u201cHousehold debt on average is sufficiently backed by assets.”<\/p>\n

An average household in the M40 or Middle 40 percent income group, i.e. those earning MYR6,275 (USD1,511), would have to spend a \u201cbig chunk\u201d of their income on mortgage repayments, the thinktank countered.<\/p>\n","protected":false},"excerpt":{"rendered":"

Although finance ministry says consumers have more room to borrow\u00a0now<\/p>\n","protected":false},"author":8,"featured_media":20132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[332,331,125],"class_list":["post-3416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-finance-ministry","tag-kuala-lumpur","tag-malaysia","news_country-malaysia","news_author-property-report"],"acf":[],"yoast_head":"\nStop lending to people who can\u2019t afford homes in Malaysia: thinktank | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/stop-lending-to-people-who-cant-afford-homes-in-malaysia-thinktank\/\" \/>\n<meta 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