OMG, really a bad news for me. Yesterday not only bad news of us Democratic loss of the House. Bank Negara Malaysia is imposing with immediate effect the maximum loan-to-value (LTV) ratio of 70% for the third house financing facility taken by a borrower as it seeks to curb “excessive investment and speculative activity in the residential property market”.
Below is the entire statement issued by Bank Negara:
Measures in Promoting a Stable and Sustainable Property Market and Sound Financial and Debt Management of Households Bank Negara Malaysia wishes to announce with immediate effect the implementation of a maximum loan-to-value (LTV) ratio of 70%, which will be applicable to the third house financing facility taken out by a borrower.
Financing facilities for purchase of the first and second homes are not affected and borrowers will continue to be able to obtain financing for these purchases at the present prevailing LTV level applied by individual banks based on their internal credit policies.
The measure aims to support a stable and sustainable property market, and promote the continued affordability of homes for the general public.
At the national level, residential property prices have increased steadily in tandem with economic development and the rise in income levels.
This aggregate growth trend remains largely manageable and has not deviated from the long term trend in residential property prices.
In the more recent period, however, specific locations, particularly in and around urban centres, have experienced faster growth, both in the number of transactions and in house prices.
This is further supported by an increase in financing provided for multiple unit purchases by a single borrower, suggesting increasing investment activity that is of a speculative nature.
What a bad news, not only me but i think for all investor must be very upset. There are so many developer waiting to launch their project end of this year, i think they must use more strategic to sell the unit now. For example rebate up to 20%, or the down payment can use installment. I got no mood for today already.
In the very short term i think the price still not going down yet. They will still maintain the price until mid of next year see how is the property sale. Those project planning to sell on next year will monitor the other developer sale result already launch.
Source from: http://mytotallyproperty.com/blog1/
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