Hajiji (left) and Abu Bakar giving the thumbs up to the newly designed BSN counters at the Sabah main branch which was officially opened yes-terday in conjunction with the rebranding of BSN and the launch of the state level Youth Housing Scheme.
KOTA KINABALU: Bank Simpanan Nasional (BSN) is aiming to approve 1,000 of its Youth Housing Scheme (YHS) nationwide applications by the end of 2015.
Disclosing this during BSN Sabah main branch opening in conjunction with its rebranding and YHS state-level launch here yesterday, its Retail Banking deputy chief executive Datuk Yunos Abd Ghani said that the applications would be processed on a first-come-first-served basis based on individual’s qualification criteria.
“We have only two months to go this year. The scheme was launched two months ago and, God willing, we are aiming for 1,000,” he said when met by the press after the launching ceremony.
“Overall, 20,000 of this scheme are offered to youths nationwide as announced by the Prime Minister through Budget 2015,” added Yunos.
As an effort to encourage house ownership among Malaysian youths, Prime Minister Datuk Seri Najib Abdul Razak announced the YHS and appointed BSN as the development financial institution to carry out this scheme.
According to Yunos, a total of 746 applications with a total financing of RM181.49 million has been received nationwide thus far.
More than half, 405 amounting to RM101.53 million, applications have been approved so far and 331 applications with a total financing of RM82.33 million have been accepted.
In Sabah, 58 applications with a total of RM12.65 million in financing have been received. Some 30 applications with a total financing of RM7.24 million have been approved, and 23 with a total financing of RM5.740 million have been accepted.
However, 25 applications with a total financing of RM4.8 million from the state have been rejected so far.
BSN is implementing the smart partnership with Cagamas Berhad and the Employees Provident Fund (EPF) and married youths between 25 and 40 with a household income of not more than RM10,000 are eligible to apply for the scheme.
Through this scheme, BSN will provide financing or loan of up to RM500,000 with a financing tenure of up to 35 years or at the age of 65, whichever is earlier to the eligible borrower. This scheme is limited to 20,000 buyers nationwide only on the “first-come-first-served” basis.
BSN will also provide up to 100% financial assistance of the purchase price and an additional 5% of purchase price to finance the cost for Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT). The cost of financing documents and loans including legal costs is borne by the buyer.
The Government will also give 50% of stamp duty exemption on the instrument of transfer agreements and loan agreements.
The Government is also to aid monthly instalments of RM200 per month for a period of two years from the date of first disbursement to the developer/vendor.
Local Government and Housing Minister Datuk Seri Panglima Hajiji Noor launched the ceremony here yesterday.
At the press conference, Hajiji expressed hope that the state would to receive more affordable housing schemes through government initiatives such as the 1Malaysia People’s Housing (PR1MA), Syarikat Perumahan Negara Berhad (SPNB) and National Housing Department (JPN).
So far, the state government has more than 10,000 applications and expects to get part of the sum allocated to Sabah, Hajiji said.
Also present at the event were BSN chairman Tan Sri Abu Bakar Abdullah and BSN Sabah Business Affairs director Hamdan Hussin.