PETALING JAYA, Apr 26 – PR1MA homeowners are urged to apply for the special end-financing scheme, Skim Pembiayaan Fleksibel (SPEF), that has been made available since February this year. Perbadanan PR1MA Malaysia in a statement said those interested can apply for this scheme through their partner banks – Maybank, CIMB, RHB and AmBank.
The scheme, is a joint effort of Bank Negara Malaysia, EPF and partner financial institutions. Exclusively for PR1MA homebuyers, the scheme was designed to increase the chances of applicants getting a home loan. This benefits first-time homebuyers by providing access to a higher loan amount than they would otherwise be eligible for with conventional loans.
SPEF comes in two options – the step-up only or the step-up with EPF Account 2 withdrawal. For both options, borrowers will only be paying interest for the first five years. The principal will kick in from Year 6 onwards until the loan is settled. “If homebuyers would like to get a larger loan amount, they may choose the second option where the EPF Account 2 is utilised.
The scheme is subject to terms and conditions and eligibility will depend on the borrower’s risk profile and credit assessment by the banks,” read the statement. As of April 2017, PR1MA Members of Corporation have approved the development of 265,033 units of PR1MA homes nationwide of which 136,569 units are in various stages of construction. A total of 1.41 million Malaysians have registered for PR1MA homes nationwide, of which 166,972 of them had applied for PR1MA homes.
Perbadanan PR1MA Malaysia (PR1MA) was established under the PR1MA Act 2012 to roll out a thorough and extensive programme in building quality homes for the middle-income group who live in the urban and sub-urban areas, with a household income of between RM2,500 – RM15,000 a month. PR1MA is the only authorised party entrusted to develop, manage and maintain the PR1MA housing communities for the homeowners to ensure a comfortable quality lifestyle and harmonious community.