‘Mortgage rejection rates not as high as 50%’
Malayan Banking Bhd (Maybank) president and chief executive officer Datuk Abdul Farid Alias refuted claims that the rejection rate of housing loans has soared above 50% among the banks.
Housing loan applications last year totalled 456,853,
The total number rejected was 93,159
Which translated into a rejection rate of 20.39%.
The reasons for loan rejection included:-
1. Applications that exceed the debt service ratio (DSR)
2. Failure in the Central Credit Reference Information System ( CCRIS) assessment
3. Banks change their targeted loan segments
4. Insufficient income repayment capability.