PUTRAJAYA, June 4 — The Housing and Local Government Ministry will meet with the Ministry of Finance (MoF) and Bank Negara Malaysia (BNM) to streamline the credit rating system for first-time low-cost buyers after the upcoming Raya holidays this month.

Its minister Zuraida Kamaruddin said the current mechanism needs to be reviewed as many face difficulty in acquiring housing loans, particularly those in the lower income group.

"We want to streamline the credit rating issue for low cost housing the meeting will be held the soonest after the Raya holidays as the MoF is busy with other matters at the moment,” she told reporters here today.

"Most Malaysians, especially of the lower income [who have multiple jobs], their second and third income is not being recognised in the application system. We need to have a mechanism on how to solve this matter,” she added.

Zuraida said the improved system would consider flexible payments and consideration of supplementary incomes for approving housing loan applications.

"Maybe we need to have a mechanism on how to recognise other incomes through proof of documents… have some leeway and see how we can relax the conditions of this loan,” she said.

A person’s credit history is recorded in BNM’s Central Credit Reference Information System and shows the last 12 months of outstanding loans and applications for personal finance products.