{"id":39707,"date":"2017-01-05T17:19:19","date_gmt":"2017-01-05T10:19:19","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/let-malaysian-home-buyers-borrow-more-money-sarawak-developers-plead\/"},"modified":"2017-01-05T17:20:06","modified_gmt":"2017-01-05T10:20:06","slug":"let-malaysian-home-buyers-borrow-more-money-sarawak-developers-plead","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/let-malaysian-home-buyers-borrow-more-money-sarawak-developers-plead\/","title":{"rendered":"Let Malaysian home buyers borrow more money, Sarawak developers plead"},"content":{"rendered":"


\nAre Kuching banks too strict with their loans?
\nKuching, capital of Sarawak state in Malaysia. Abang Faizul \/ Shutterstock.com
\nIn a subdued property market, developers in the Malaysian state of Sarawak are exhorting financial institutions to demonstrate more lenience toward borrowers.
\nSim Kiang Chiok, the Kuching advisor for Sarawak Housing and Real Estate Developers\u2019 Association (Sheda), lamented the \u201clack of support\u201d from lenders, presumably leading to a decline in new developments around the state last year, and urged banks to reassess their lending criteria.
\n\u201cBanks should consider lending on staggered repayment where for example, the repayment is low throughout the first five years, and subsequent repayment to be on an ascending scale,\u201d Sim suggested. \u201cBanks can also consider longer repayment periods or even extend two generational loans to family housing loans.\u201d
\nHe observed that banks at present have become more stringent in their financing requirements, prioritising applicants based on proven income rather than net income. Projections on future incomes are no longer up for consideration, Sim reported.
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\n\u201cWe hope that the banks would take note of the slowdown and adjust their lending guidelines so that the property industry could grow and contribute to the country\u2019s economy and prosperity,\u201d he said.
\nIn a challenging borrowing environment, Sim encouraged developers to break projects into smaller volumes and target higher-income market segments. Otherwise, they can work with the government in providing public housing and affordable homes.
\n\u201cThe government\u2019s policy of building affordable houses through federal authorities such as PR1MA and National Housing Department will increase the supply of houses below RM400,000 (per unit); thus causing some overlaps of houses supplied by private developers at between RM300,000 and RM400,000,\u201d he said.
\nGlobal uncertainty brought about by decelerating economies in China and Europe, the tremors of Brexit, and US President-elect Donald Trump\u2019s ephemeral policies could blow headwinds on the Sarawak property scene this year.
\n\u201cThe outlook for 2017 will be similar to 2016 \u2013 challenging and mixed,\u201d Sim said. \u201cOur economic growth forecast is realistic and achievable.\u201d
\nRead next: For sale: Malaysian history
\n
\nSource : property-report.com
\nRead more…Let Malaysian home buyers borrow more money, Sarawak developers plead<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Are Kuching banks too strict with their loans? Kuching, capital of Sarawak state in Malaysia....<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-39707","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-akr","jetpack-related-posts":[{"id":23999,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tips-for-buying-malaysian-property\/","url_meta":{"origin":39707,"position":0},"title":"Tips for buying Malaysian property","date":"August 26, 2016","format":false,"excerpt":"\r For many foreigners, especially Singaporeans, Malaysian property is an affordable alternative to what they can normally buy back home. 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