REPUBLIKA.CO.ID, JAKARTA - Association of Indonesian Real Estate Companies (REI) lamented new policy of Bank Indonesia (BI) to increase downpayment on property loan. Chairman of REI, Setyo Maharso said the regulation was made as growth trend of property sector to slow down.

"It is counterproductive," Maharso said then adding that the policy could damage the property sector.

The new regulation says that the downpayment for housing must be increase to more than 30 percent of the house' value. The regulation also aims to increase the downpayment for home bought after the the first home buying. 

Maharso said that most of home buying used mortgage loan scheme, then the new policy will send a new blow to this sector after it is hit by the increasing price of construction materials and worker wages. Maharso said REI would send a letter to BI to discuss this.

But, Vice President Director of PT Bank Tabungan Negara (BTN), Evi Firman said this regulation would protect consumers from bad developers. "About 97 percent of our costumers are first home buyers," Firman said. 

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