Putrajaya, 21 August 2015 – Perbadanan PR1MA Malaysia (PR1MA) today launched an initiative that will provide easier financial access to potential PR1MA homebuyers. The PR1MA Homebuyer Assistance Programme initiative that is buyer-friendly will allow more middle-income earners who are qualified to own a PR1MA home without financial worries.
The launching ceremony was officiated by Prime Minister Dato’ Sri Mohammad Najib Tun Abdul Razak in Putrajaya this evening.
Chief Executive Officer of PR1MA, Dato’ Abdul Mutalib Alias outlined the three main components of the PR1MA Homebuyer Assistance Programmeinitiative – (i) Rent-to-Own(RTO), (ii) end-financing of up to 110% and (iii) CARE by PR1MA.
“Our commitment here in PR1MA does not stop at the effort in building houses, but we also want to further empower the national housing agenda. Financial access is essential towards ensuring that home ownership would not drain potential buyers. We hope with this initiative we are able to assist more middle-income earners to own a house,” stated Dato’ Abdul Mutalib.
Rent-to-Own (RTO) is a deferred home ownership programme for potential buyers with weak credit rate whereby they are given an option to rent for up to 10 years in efforts to build equity deposit required for bank loans.
There are two (2) types of schemes under RTO - BasicRTO and ZeroRTO. Options under RTO are given only to successfully balloted applicants as the last recourse should their loan applications are rejected by PR1MA’s panel banks.
As for the end-financing program of up to 110%, a total of six (6) financial institutions have collaborated with PR1MA to offer attractive financial packages for prospective buyers - Malayan Banking Berhad (Maybank), CIMB Group Berhad (CIMB), Malaysia Building Society Berhad (MBSB), Bank Kerjasama Rakyat, Bank Simpanan Nasional (BSN) and Bank Islam Malaysia Berhad. These financial institutions have been officially chosen to be the panel banks for PR1MA.
The financial package includes the financing of up to 110% of the Sale and Purchase Agreement (SPA) price. The more interesting part about this package is that there are no down-payment required, thus, making home ownership easier and more practical.
CARE by PR1MA targets three main groups which include – (i) homebuyers/owners (ii) PR1MA registrants and (iii) developers and contractors.
PR1MA homebuyers/owners will benefit from the post-purchase protection and a better and cheaper insurance coverage rate in addition to a more comprehensive welfare care. While PR1MA registrants will enjoy the benefit the good rates and exclusive promotions with business partners taking part nationwide.
“We hope that this programme will not only benefit the PR1MA homebuyers or homeowners, but also to all layers of the community. CARE by PR1MA is a holistic social initiative and creative in involving more people to understand and enjoy the benefits of PR1MA,” Mutalib added.
PR1MA hopes with the availability of these initiatives, potential buyers will be more comfortable with the facilities made available to them. This holistic program takes into account the entire process of home ownership - from loan application to protection for buyers while they live in the house.
PR1MA would like to call those who are eligible to register for the opportunity to own a PR1MA Home.
To date, more than 1.02 million registrants interested in owning a PR1MA Home have registered under the National Registration System.
For more information about PR1MA projects that have been opened for registration, and register for a chance to own a PR1MA home, please visit www.pr1ma.my.