KUALA LUMPUR, July 8 -- Bank Negara Malaysia's (BNM) new guidelines on housing and personal loans will help reduce household debt in the country and promote responsible financing and sustainable consumer credit growth.
Under the new guidelines, property buyers will no longer have the option to take loans for longer than 35 years. Anyone taking a personal loan can now only do so for a period of up to 10 years.
iProperty Group public relations manager, Debbie Pereira, said the guidelines will affect the younger generation who will now face more stringent guidelines in their house purchase.
"It will not affect the older generation. Hence, the sales of houses are not likely to be affected," she said at the presentation of prizes to winners of the company's "Happily Ever After Home Campaign' here today. -- BERNAMA