SUBANG, Nov 20 – Homebuyers 1Malaysia Housing Programme (PR1MA) offered loans of up to 110 per cent from selected financial institutions, said chief executive officer Datuk Abdul Mutalib Alias. He said the initiative was to enable all applicants to be able to buy a house, whereas an excess of 10 percent of the funding can be used to cover a variety of ancillary costs such as insurance and legal fees.
In addition to offering loans of up to 110 percent, PR1MA also offers another facility to help the middle class to have a home of Rent Buy or Rent-To-Own (RTO) through a strategic collaboration with a panel of financial institutions. “The package is available through banks and financial institutions PR1MA panel which currently include Maybank, CIMB and MBSB.
“In addition, repayment of housing loan installments will only be instituted after the expiration of the construction and house keys were handed over to the buyer is protected Takaful (MRTT),” he said in a media briefing here today. PR1MA responsible government to develop affordable housing for the middle class in Malaysia, targeting the construction of 500,000 units in five years.
Abdul Muttalib said, so far 830,000 applicants have already signed up to buy a house PR1MA and it had received approval to build more than 100,000 houses around the country. PR1MA house is open to individuals or families (husband and wife) with an average monthly household income of between RM2,500 and RM10,000. So far, the program PR1MA includes all states except Labuan.