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BSN Receives 746 Applications For Youth Housing Scheme


KOTA KINABALU, Nov 5 (Bernama) — Bank Simpanan Nasional (BSN) has received 746 applications for the Youth Housing Scheme, offered to young married couples to own their first house, since the scheme was launched in October.

Deputy chief executive (Retail Banking), Datuk Yunos Abd Ghani said of the total, 405 applications were approved with total funding amounting to RM101.5 million.

The housing scheme was announced by Prime Minister Datuk Seri Najib Tun Razak under the 2015 Budget, which among other things, aims to help married couples in the 25 to 40 years age group with a household income not exceeding RM10,000 per month, to own a house.

Yunus said the scheme did not have a specific time frame, but the government was targeting a total of 20,000 qualified applicants and was based on the ‘first-come, first-served’ basis.

“BSN is targeting at least 1,000 applications to be received until this year-end and encourages youths to take up this opportunity to own a residential property,” he told reporters after the launching of the state-level Youth Housing Scheme at the main branch of Sabah BSN, here, today.

The launching was by state Housing and Local Government Minister Datuk Seri Hajiji Noor, who was on an official visit to the Sabah BSN main branch in conjunction with the rebranding of BSN on Oct 15, introducing a new identity and logo symbolising the evolution of the banking company.

Regarding applications for the scheme in Sabah, Yunus said the bank had received 58 applications and 30 of them had been approved involving RM7.24 million in financing.

The Youth Housing Scheme is a smart partnership between the government and BSN, the Employees Provident Fund (EPF) and National Mortgage Corporation (Cagamas Bhd).