Bandar Seri Begawan - With more Bruneians opting to buy ready-made houses and with land developers seeing the potential market for it, home financing services in the banking sector are getting more and more creative.

Bank Islam Brunei Darussalam Berhad (BIBD), for instance, is offering its own brand of Home Financing Services in a bid to help fulfill the wishes of home buyers, particularly graduates in the local job market and newlyweds.

Johan Danial, Manager of the Financing Approval Unit at BIBD Consumer Banking Division, said part of the driving force behind BIBD's home financing services were the high number of graduates entering the job market and a considerable number of newlyweds in Brunei staying with their parents with no place to call their own.

"The thing is housing is not cheap, it is undeniable," said Johan in an interview yesterday. "And with a house there is also housing insurance, among others."

With a personalised and dedicated team of professionals, Bank Islam Brunei Darussalam Berhad (BIBD) will help customers to compute their budget, find the right developer and assist them in whatever needs to be done in order for them get the house they desire.

"People who just entered the job market usually go for stylish goodies," said Dona Eldeyana Johan, Head of Product Management & Marketing Solutions at BIBD. Those are good to have, but housing should be a priority.

"People, especially newlyweds, must realise that putting a roof over your head is more important than buying an iphone or any other new gadget every now and then. A house is the thing that will represent you, and that will last a lifetime and become part of your legacy for your children."

Johan urged people to get home financing now while they are still young, so as to ensure they already own some property by the-time they retire.

"It is important to put home financing among the first in the list, because the younger the buyer, the longer the repayment period, and the cheaper the financing would be," he said.
"It can work a little more than renting a place, but consider it as an investment. If they rent a house, they are paying something they would not be getting back,
and they don't actually own anything while renting."

Johan added that BIBD aspires to change the mindsets of people who say getting a house is a daunting task. Today, he said, getting a house is easier than ever.

"We want to encourage people to buy ready-made houses," he said. "You can see in the Borneo Bulletin that there are housing advertisements around. Ready-made houses are available more than ever before.

"We have worked closely or tied up with developers in order for us to facilitate the service," he said. "What customers need to do is to bring their salary slip and the location they prefer; BIBD will do the calculation for them based on their existing financial standing.
"It is just a matter of fitting their requirement and budget," he added. From today till December 31, BIBD will be running a promotion that is applicable for all approved applications for B$100,000 and above, with a minimum financing tenure of 10 years (120 months).

The promotion includes a 100 per cent waiver on processing period, a low financing rate (the cheapest in the market according to BIBD), a wide range of choice for sign-up gifts and high financing subsidies.

BIBD is offering a subsidy of up to B$8,000 that includes insurance costs that may be incurred during the buying process. The sign-up gifts include up to B$800 worth of vouchers, with an option to choose either furniture, electrical or interior decor items. -- Courtesy of Borneo Bulletin

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