5 November, KUALA LUMPUR – Improving financial literacy, especially for making housing purchases, will help borrowers to choose a house and financing that match their financial situation, said the Credit Counselling and Debt Management Agency (AKPK).
The agency said this in a statement welcoming the move to set up a RM1 billion Bank Negara Malaysia (BNM) Fund for Affordable Homes under the 2019 Budget to help the lower income group finance their first homes.
AKPK, which was set up by BNM in 2006, provides an online financial education module for those applying for financing under the fund, which is available to Malaysian citizens with a maximum monthly household income of RM2,300.
Its Chief Executive Officer, Azaddin Ngah Tasir, said buying a house was a big commitment.
Learning about how much you can afford to borrow and the costs of home ownership before the purchase, goes a long way in protecting your property.
We believe this would facilitate repayment process and promote peace of mind among homeowners in the country, he said.
He pointed out that potential borrowers could access AKPK’s RumahKu portal, which has been available since Nov 3, to understand and manage their finances effectively by undergoing a quick and easy self-assessment on the financial commitments related to purchasing a home prior to them making the purchase decision and obtaining financing.