Since the announcement of fuel price increase on 04 June 2008, people are suffering from all kinds of price increase which causes inflation rate hit a 27-year high of 7.7% in June 2008, compared to 3.8% in May 2008.

Therefore, in order to ease the burden of all malaysian, there are few banks in Malaysia has announced yesterday a pioneer arrangement nationwide which offers a remedy for existing house owners and new home buyers facing stress due to the present increased costs of living.

The banks have agreed to restructure existing home loans by extending the home loan repayment period from the present 30 years to 45 years or age limit 65 to 75 year old, whichever is earlier.This revision can be enjoyed by all existing house owners and potential home buyers. By restructuring existing home loans and extending the repayment period, home buyers will have more disposable income to lift their burden and at the same time will also boosts the housing industry in Malaysia in general as more people could afford to buy properties.

At present, the banks in Malaysia which offer this new housing loan scheme are Bank Islam, Affin Bank, Bank Rakyat and CIMB. To know more about the new housing loan scheme, just visit your nearest branch.