Better end-financing scheme for PR1MA homebuyers
LOWER LOAN REJECTION RATE: They can get 90pc to full loan for property purchases
THE 2017 Budget yesterday introduced a new end-financing scheme for Perumahan Rakyat 1Malaysia (PR1MA) programme, which gives housebuyers easier and higher financing.
Prime Minister Datuk Seri Najib Razak said applicants would enjoy easier and higher financing with loans covering 90 to 100 per cent of property purchase price, thus reducing the loan rejection rate.
“For instance, an applicant with a monthly income of RM3,000 will only be eligible for a loan of more than RM187,000.
“Through this special financing scheme, the applicant can get a loan of more than RM295,000.”
Najib, who is also the finance minister, said application would be opened from Jan 1.
The scheme is a collaboration between the government, Bank Negara Malaysia, Employees Provident Fund and four banks, namely Maybank, CIMB, RHB and AmBank.
Najib also said that stamp duty exemption would be increased to 100 per cent, compared with 50 per cent at present on transfer and housing loan instruments, to help reduce the cost of first-home ownership.
However, he said, this exemption was limited to houses with a value of up to RM300,000 between Jan 1, 2017 and Dec 31, 2018.
He said PR1MA had been wellreceived, with more than 12,000 units worth RM3.3 billion booked, while 85,000 units were at various stages of approval.
Najib said to boost affordability for first-home buyers, the government would introduce several concepts.
“Through the National Blue Ocean Strategy, we will provide vacant land at strategic locations for government-linked companies and PR1MA to build more than 30,000 houses with prices ranging from RM150,000 to RM300,000, which is lower than the market price of between RM250,000 and RM400,000,” he said.
The government will also build
An ongoing around 10,000 houses in urban areas for rental to eligible youth with permanent jobs, including young graduates entering the job market.
“They may rent up to a maximum increase in public servants’ housing loan eligibility, the introduction of MyBeautiful New Home, as well as a
in Ainsdale,
Pic by Iqmal Haqim Rosman of five years at a lower rate than the market price.
“Another initiative is to build 5,000 units of People’s Friendly Home, with the government subsidising plan to develop 10,000 units of houses in urban areas for rental of up to five years. up to RM20,000 per unit.
“For this purpose, RM200 million will be allocated to Syarikat Perumahan Negara Bhd,” he said. Bernama