KUALA LUMPUR, November 15 — Bank Simpanan Nasional is targeting at least RM6 billion loan disbursement for its Youth Housing Scheme by July next year.
The scheme that was launched in July 2015 aims to help young married couple between the age 25 to 40 year old with a household income not exceeding RM10,000 per month to own a house.
Deputy Chief Executive Frederick Siew said the scheme had managed to secure 4,000 loan submissions valued at almost RM1 billion, up until October this year with an approval rate of 50 per cent.
“We have approved 2,000 cases amounting RM500 million. To-date, we disbursed RM200 million as projects have different stages of completion,” he told reporters after the announcement on its collaboration with property developer, Oriental Interest Bhd (OIB), here today.
The collaboration was for OIB’s Seroja Hills Condominium Phase 2 in Bandar Baru Salak Tinggi in Sepang.
With a gross development value of RM84 million, the project features 256 condominium units, with each unit offering a single built-up area of 1,096 sq ft and priced from RM320,000.
The project is slated for completion in mid-2019.
Siew said BSN was also looking into collaborating with more reputable property developers to promote the Youth Housing Scheme for young married couple to own a house.
Meanwhile, BSN Senior Vice-President and Head of Distribution Akhsan Zaini, said the bank was considering extending the Youth Housing Scheme upon the completion of the two-year programme.
“Once it is completed, we will discuss it with the government with a view to extending it. The Youth Housing Scheme is a government initiative,” he added.