Launching the Taman Utama Selangku housing project in Puchong, he said he had received many complaints from people having difficulty getting loans from banks.

Reports say the nation’s household debt stands at 89.9% of the gross domestic product, among the highest in Asia.

Azmin, The Sun reported, hoped Bank Negara can differentiate debts due to retail consumption from housing debts.

“These are two different things.

“A credit card debt is due to retail consumption. A hire purchase loan is to benefit people buying cars, but all are aware that car prices will eventually go down.

“A housing loan, on the other hand, will produce an asset whose value will increase from time to time through capital appreciation.”

He hoped banks will give priority to first-time home owners.