Petaling Jaya, 25 April 2017 – PR1MA homeowners can start applying for the special end-financing scheme, Skim Pembiayaan Fleksibel (SPEF), that has been made available since February this year.
Those interested can apply for this scheme through our partner banks – Maybank, CIMB, RHB and AmBank.
The scheme, a joint effort of Bank Negara Malaysia, EPF and the partner financial institutions, and exclusively for PR1MA homebuyers, was designed to increase the chances of getting a home loan especially for 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 in the first 5 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 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.
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 to-date have registered for PR1MA homes nationwide, of which 166,972 of them had applied for PR1MA homes.