Loan (Pinjaman) Malaysia
According to statistic, the ratio of household debt to gross domestic product (GDP) in Malaysia grew by 13 per cent to 83 per cent in this year (2013) from 70 per cent in 2009. Compared household debt to GDP in other developing Asian countries, Thailand stood at 30 per cent, Indonesia 15.8 per cent, Hong Kong 58 per cent, Taiwan 82 per cent, Japan 75 per cent and Singapore 67 per cent, Malaysia now is the highest level for household debt in developing countries in Asia
This is a dangerous signal. And because of this , The Ministry of Finance Malaysia decided to limiting maximum tenure of personal loans to 10 years and properties financing to 35 years, and prohibition on the offering of pre-approved personal financing products.
Bank Negara Malaysia has also urged financial institutions to give greater emphasize on affordability assessment as compared to repayment history and collateral which largely dominated the lending decision even when affordability assessment indicated potential future vulnerability.
Since getting loan from bank is becoming hard, there are some licensed money lender offer better alternative. For example, HESB2u Pinjaman offer attractive personal loan (pinjaman peribadi) and business loan for those who are Malaysian. UMCLoan offer mortgage loan for those who want to borrow money for business expansion or house renovation.
For more information, please visit their website respectively.