TH Properties, Bank Islam team up on loan scheme

TH PROPERTIES Sdn Bhd, the developer of Bandar Enstek, has partnered Bank Islam Malaysia Bhd on a loan package which includes financing of up to 100 per cent and waiver of payments during the construction period.

"We decided to be proactive, and come up with a 'no-payment during construction' scheme for home financing in anticipation of the impact of rising costs of living on disposable income," Bank Islam managing director Datuk Zukri Samat said in Kuala Lumpur yesterday.

With the introduction of this package, buyers will have the opportunity to buy a house almost without having to pay a single sen until the house is ready for occupation.

Zukri said despite the flexibility that Bank Islam offers, the bank will make sure that it does not compromise on credit security.

"We sincerely hope that these features will provide customers peace of mind and relieve some of their burden during this challenging period," Zukri said.

Bank Islam also offers a two-month payment holiday scheme under which customers have the option to skip instalments for November and December every year.

Meanwhile, TH Properties chief executive officer Zaharuddin Saidon said it will go ahead with its planned RM100 million worth of property launches this year despite escalating costs of building materials.

"We know that other developers will hesitate, but we are moving full steam ahead. We are taking this opportunity to launch our products as others delay theirs," Zaharuddin said.

He said the company is working on various measures to reduce costs to maintain its prices.

By New Straits Times (by Presenna Nambiar)