By EILEEN HEE | Nov 5, 2009

Cost of lending still low, says AmBank chairman

KUALA LUMPUR: Lending rates in the country are still low and this will benefit house buyers, according to AmBank Group chairman Tan Sri Azman Hashim.

“I would take advantage of the rates now,” he told StarBiz after the launch of the MyKasih and AmBank Group Community Programme yesterday.

He was replying to queries on whether mortgage rates were on the uptrend as some banks, such as Malayan Banking Bhd, Public Bank Bhd, Standard Chartered Bank Malaysia Bhd, Alliance Bank Bhd and EON Bank Bhd, had reportedly revised upward their rates recently.

AmBank is donating RM50,000 to the MyKasih programme in Sentul as part of its corporate social responsibility programme.

Fifty households will benefit from the food-aid programme as their spending on essential groceries will be subsidised for one year.

“This programme will assist the needy to learn how to cope with difficult times and maintain a sustainable lifestyle,” Azman said, adding that AmBank would provide RM20 per family per week to help defray the cost of essential daily food items.

“We are pleased with the method of distribution of the funds to the chosen families as developed by ePetrol Holding Sdn Bhd.

“The funds will reach the family members directly in the form of the goods they purchase from the Ong Tai Kim supermarket,” he said.

MyKasih Foundation chairman Ng Boon Keat said the programme was more than just about subsidising the purchase of essential groceries. “It also incorporates financial literacy courses and skills training for the recipients,” he said.

MyKasih is a non-profit organisation that aims to help poor and needy Malaysians through its food distribution, financial counselling and training programmes.