Kuala Lumpur, 21 October 2016 -Perbadanan PR1MA Malaysia (PR1MA) welcomes the new end-financing scheme announced by the Prime Minister in the Budget 2017 speech today as it could further boost home ownership among the country’s middle-income earners.
The PR1MA End-Financing Scheme is made available exclusively to PR1MA homebuyers who meet PR1MA’s eligibility criteria. The key features of this scheme include stepped-up financing, access to EPF Account 2 housing withdrawal and waiver of stamp duty on Sales & Purchase Agreement (SPA) and Loan Agreement.
PR1MA Chief Executive Officer Dato' Abdul Mutalib Alias said with the new end-financing scheme, more than 74% or 980,000 PR1MA registrants will have increased accessibility to home loans. End-financing is a critical step towards home ownership.
"More will be able to own PR1MA homes with the availability of this special scheme. For example, those earning RM3,000 per month may be able to secure financing of up to RM295,000, from the previous loan threshold of about RM187,000 – subject to terms and conditions," he said.
PR1MA homebuyers may start applying for this scheme immediately and the result will be made known from January 2017 onwards.
The new scheme is a joint collaboration between PR1MA, Bank Negara Malaysia, Employee Provident Fund (EPF) and four banks – Maybank, CIMB, RHB Bank and AmBank.
"To date, a total of 103,166 units of PR1MA homes are already in various stages of construction. Of this, 10,000 units of homes are expected to be completed by end of this year," he added.