First-time house purchasers to get up to 105% financing - StarProperty.my
PUTRAJAYA: Datuk Seri Najib Tun Razak launched the 1Malaysia People’s Housing Programme (PR1MA) for first-time buyers to own homes of up to 1,400sq ft.
The Prime Minister said depending on the location, the houses would be priced at between RM150,000 and RM300,000 while the minimum size would be 800sq ft.
He said that buyers, making up those who earn not more than RM6,000 a month, would enjoy financing of up to 105% from selected financial institutions.
“The additional 5% is for insurance and Sales and Purchase legal fees.
“Also, the stamp duty is exempted as part of the Government’s initiative to lighten the people’s financial burden,” he said at the launch of the programme’s first phase at Precinct 11 here.
Najib said a total of 42,000 houses would be built in 20 strategic locations in the Klang Valley, Rawang and Seremban with eight projects expected to commence this year.
A 7.6-acre site in Precinct 11, Putrajaya has been chosen for the first PR1MA development which will be undertaken by Putrajaya Holdings Bhd (PjH). Other developers involved in PR1MA developments are Cyberview Sdn Bhd, Sime Darby Property, 1MDB, Malaysian Resources Corporation Bhd, S P Setia Bhd and Tradewinds Corp Bhd. S P Setia and Tradewinds Corp will jointly develop 10 acres of land in Bandar Tun Razak, Cheras.
"The applicants must be first time buyers for the PR1MA scheme and need to occupy the house and they can obtain loan up to 105 per cent from selected financial institutions with a payback period up to 30 years," he said.
Najib who is Finance Minister said that to prevent speculative activities among buyers whose intention was to sell for immediate profits, PR1MA house buyers were not allowed to sell the house within 10 years.