Its chief executive officer (CEO) Datuk Ahmad Zaini Othman said if the reception towards the scheme, which is aimed at first-time home buyers, was good, MBSB would increase its target to up to RM1 billion.
"We hope this will provide relief to the targeted group, who are mainly newcomers to the workforce and facing challenge of rising costs of living and properties in the country.
"This scheme is definitely in support of the government's call and Prime Minister Datuk Seri Najib Razak's aspiration to promote home ownership among younger generation in Malaysia," he told reporters after launching the My First Home Scheme campaign here yesterday.
Ahmad Zaini said the scheme was designed to allow eligible Malaysians under 35 years old to buy their first house up to a ceiling price of RM500,000 and at a 100 per cent margin of financing, offering an exemption of the normal 10 per cent down payment.
On another matter, Ahmad Zaini said MBSB was on track to establish itself as a full-fledged development bank.
"For the past three years, we have been closing some important gaps. We need certain approvals from Bank Negara Malaysia and shareholders' endorsement to move on.
"This may be realised this year or even next year. Even if you look at our products, we are offering financial products similar to banks.
"The gaps are very small now. We will continue to push our efforts to convince the shareholders, the central bank and the authorities," he added.
Ahmad Zaini also said that MBSB was planning to open seven to eight more branches nationwide this year from 36 currently.
By Business Times
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