KUALA LUMPUR: Recent loan application data released by Bank Negara showed a drop off in loan applications for property purchases in February, on the heels of a robust increase in January.
February figures showed total loan applications came in 19% lower y-o-y at RM40.1bil as prospective property purchasers took a breather after a 46% jump in applications in the previous month.
However, the cumulative loan applications in the first two months of 2024 was 8% higher over the same period in 2023 at RM91bil, which indicates the continuation of a positive trend.
Looking at the approved loans for the purchase of property in February, the number of approvals was only 6% lower y-o-y at RM17.4bil, despite the steep 19% drop in loan applications.
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