KUALA LUMPUR, 13 FEBRUARY 2017 – PR1MA Homebuyers can now look forward to the opportunity of becoming homeowners with better access to a higher loan amount. A special end-financing scheme named Skim Pembiayaan Fleksibel (SPEF), created exclusively for PR1MA homebuyers will also provide eligible buyers with a significant reduction in monthly home loan instalments at affordable levels.
The new scheme is established in collaboration with Bank Negara Malaysia (BNM), EPF and four local banks, namely Maybank, CIMB, RHB and AmBank.
PR1MA Chief Executive Officer Dato’ Abdul Mutalib Alias said the scheme, meant exclusively for PR1MA homebuyers, will make home ownership possible especially for first-time homebuyers by increasing their chances of getting a home loan and by providing access to a higher loan amount than they would otherwise be eligible for with conventional loans.
The cornerstone of SPEF is the step-up only or the step-up with EPF Account 2 withdrawal options, where in the first 5 years, only interest is paid. The principal amount kicks in from Year 6 onwards until the loan is settled. The step-up option combined with withdrawals from EPF Account 2 means that homebuyers can have access to a larger loan amount.
Dato’ Abdul Mutalib said, "The middle-income segment will now have the opportunity to own a home, a reality that may not have been an option without this programme."
“PR1MA has never been about just building homes. It was established with community building in mind too. We realise that having a home one can proudly call one’s own, is a critical component in building the communities we envision. By helping the middle-income segment get on the path to homeownership, we are giving them a sense of belonging to the community.”
The scheme is subject to terms and conditions and eligibility will depend on the borrower’s risk profile and credit assessment by the banks.
Touching on PR1MA’s latest housing development progress, Dato’ Abdul Mutalib expressed his confidence that PR1MA will achieve its target. “Despite the challenges, we are confident of meeting our target this year of completing 15,000 homes,” he added.
As of January 2017, a total of 260,188 units have been approved by its board and some 132,352 units are being constructed. A total of 1,377,639 people have registered for PR1MA homes nationwide.