PLANNING FOR A HOME
A financing package is available to help homeowners with a significant reduction in monthly home loan instalments.
THESE days, owning a home is not easy, even more so if you are just a fresh graduate or young professional who has just started working.
For Mohamed Syafiq Mohamed Azhar, 26, he is thankful to be able to own his very first apartment at PR1MA @ Alam Damai in Cheras, Kuala Lumpur.
The 935sq ft-unit on level 24 was purchased at RM350,000 and came with one carpark and three bedrooms.
The legal counsel of a company that manufactures air-cooling equipment, Mohamed Syafiq had registered himself in the PR1MA website earlier before being invited to the Open Day at Ara Damansara last year.
“I thought I would just try my luck. Little did I know that I would get invited, and at the event itself, end up booking a unit,” said Mohamed Syafiq who hails from Mersing, Johor.
Prior to shifting into his humble abode last November, he was staying with his aunt at Puncak Jalil, Seri Kembangan and paying a rental of RM500 for the room.
However, what really helped him secure the apartment was the Skim Pembiayaan Fleksibel (SPEF) offered by PR1MA since he is swamped with commitments such as his car and PTPTN study loans.
The scheme is a financing package exclusively for PR1MA homebuyers that provides a significant reduction in monthly home loan instalments at affordable levels.
It was established in collaboration with Bank Negara Malaysia, EPF and a panel of banks such as Maybank, CIMB, RHB and AmBank.
“Now I only need to pay interest for five years. After that, the principal amount will kick in from the sixth year onwards until the full settlement of the loan.
“This really helps young professionals like me to own a home without being a burden.
“Even though the repayment will be more after that, at least by that time, I may have gotten a higher salary or found a job that pays more,” Mohamed Syafiq shared.
He first learnt about PR1MA when he was working on a case study about the PR1MA Act during his chambering period, before he was called to the Bar.
He also did some research on other affordable housing projects and found a few potential ones that were well-located and at an even more affordable price tag.
“But I chose PR1MA because the house was already completed, otherwise I would have had to wait three years for the others to be ready.
“Also, if I didn’t take up PR1MA now, I was afraid there would not be another opportunity,” said Mohamed Syafiq, adding that he remembered his parents’ advice that owning a property would always be an asset.
“More importantly, the location of PR1MA @ Alam Damai was perfect as it was near the city centre as well as my office in Kajang.
“And when you consider the price, it is very hard to find other projects which combine both factors,” he added.
The development is easily accessible via major highways like the Cheras-Kajang Highway, Middle Ring Road 2 and Silk Highway.
It is also surrounded by nearby public transportation hubs such as the MRT Cheras Sentral Station, Taman Suntex Station and Aman Cuepacs Station as well as the
Bandar Tasik Selatan KTM Komuter station.
Mohamed Syafiq also inspired his friends to check out the project when he posted about his new place on Instagram.
This prompted them to ask him more about the process of applying for a PR1MA home, and one of them is now staying at the same block as he is.
Both of them are more than satisfied with their apartments and the surrounding environment of the development.
PR1MA @ Alam Damai sits on a 6ha-leasehold land, featuring 2,074 apartment units across two blocks, and each splits into four towers.
Both Blocks A and B are mirror images of each other, equipped with facilities such as a children’s playground and futsal court.
Priced from RM243,000, the units come with four built-up sizes: 662sq ft, 935sq ft, 995sq ft and 1,048sq ft.
A primary and a secondary school are located opposite the development, and nearby amenities include a police station, shopping malls, a medical centre and the Alam Damai Recreational Park.
PR1MA was established under the 2012 PR1MA Act to roll out a thorough and extensive programme in building quality houses for the middle-income group (M40) with a household income between RM2,500 and RM15,000 a month, and owns no more than one property, living in urban and suburban areas.
“SPEF was created to make home ownership possible, especially for first- time homeowners by increasing their chances of getting a home loan, and providing access to a higher loan amount than they would otherwise be eligible for with conventional loans.
“This scheme acts as an enabler and is intended to lighten the financial burden of PR1MA home buyers. This will also help the M40 income group to manage their finances better,” said PR1MA chief executive officer Datuk Abdul Mutalib bin Alias.
To date, there are 45 projects currently open for sale nationwide. Some 140,000 units of PR1MA homes are under various stages of construction while 15,000 units have already been completed throughout Malaysia.