Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican said the scheme was launched to help younger buyers afford homes.
“This scheme is catered especially to the younger generating which has just started to enter the workforce,” he said during the Malaysia Property Exposition 2018 today.
This scheme features lower monthly repayments in the first five years, during which new home owners typically face additional costs, he said.
The reduced payments will only go towards interest, however, with payments going towards the principal sum from the sixth year on.
Last year, the group recorded a 7.6-per cent year-on-year growth in its mortgage portfolio in Malaysia.
Source: The Malay Mail Online