Call to extend PR1MA special end-financing scheme
GEORGE TOWN: The Special End-financing Scheme for 1Malaysia People’s Housing Projects (PR1MA) should also be extended to houses built by the state governments and private sector, said Penang Housing, Town and Country Planning Committee chairman Jagdeep Singh.
He said low-cost (LC), low-medium cost (LMC) and affordable units were built by state agencies and private developers as part of compliance requirements for development projects.
He expressed his disappointment and urged the federal administration to allow the scheme to be enjoyed by applicants of LC, LMC and affordable housing projects.
He said affordability should also mean accessibility for those who qualify for LC and LMC units, priced between RM42,000 and RM72,500, and noted housing loan rejections for this group was about 70%.
“The scheme should be extended to them to make housing accessible for those in the lower-income group,” he said at a press conference yesterday after attending a fundraising event for the Penang Animal Welfare Society.
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He said most of the measures, while positive, will take some time to have an impact on the market. “We need to address the situation now. The undersupply in the affordable homes sector and properties for B40 is happening right now,” he said, adding that property transactions have been slow for five years.
Shanker said the 100% stamp duty exemption for first-time buyers of houses priced RM300,000 and below is a good move as it would help young
Jagdeep said he will bring up the matter with the Urban Wellbeing, Housing and Local Government Ministry during the quarterly meeting with state housing excos.
The scheme was announced by Prime Minister Datuk Seri Najib Razak in the 2017 national budget. Applicants can enjoy loans of up to 90% of the purchase price under the scheme for PR1MA homes. – by Aaron Ngui