PR1MA Homebuyer Assistance Programme

PR1MA Homebuyer Assistance Programme

PR1MA Corporation Malaysia (PR1MA) has reported that some of the successful balloted buyers failed to secure bank financing.  In order to mitigate this issue PR1MA will introduce a homebuyer assistance programme early next year to help those who are not eligible for a housing loan from banks, but were chosen to own a 1Malaysia People’s Housing house.

PR1MA is working with a partner to develop the special financing schemes, and is currently ironing out the final details.  “This kind of programme is covered in our PR1MA Act 2012. PR1MA is allowed to come out with various buyer assistance programmes to assist the targeted buyers who can’t get financing.

There will be two schemes — ‘Rent & Pay Plan’ and ‘Rent & Stay Plan‘ — and once buyers adopt either one, they have the right to buy the house at the original price. “Progressively, when their income increases, they should be able to get bank financing and convert the scheme into normal traditional financing at the original price,” he added.

Giving an example, Abdul Mutalib said for a property priced at RM200,000, the buyer first has to come up with about RM20,000 in down payment. “On top of that, to qualify for a loan, they need to have a household income of RM3,865 a month. In case of a RM400,000 property, it’s RM7,700, and so on. Monthly payment, on the other hand, ranges from RM966 to RM1,933,” he said.

More details can be viewed at PR1MA.My