Perbadanan PR1MA Malaysia has unveiled a special end-financing scheme aimed at making homeownership possible, especially for first time buyers, reported New Straits Times.
Dubbed Skim Pembiayaan Fleksibel (SPEF), the scheme offers eligible buyers with a significant reduction in their monthly home loan instalments.
It was established in collaboration with the Employees Provident Fund, Bank Negara Malaysia and four local banks – AmBank, RHB, CIMB and Maybank.
Exclusive for PR1MA homebuyers, the new scheme increases the chances of homebuyers to secure a loan while providing access to higher loan amount compared to what they would be eligible for using conventional loans.
SPEF’s cornerstone is the step-up only or step-up with EPF Account 2 withdrawal options, in which only interest is paid during the first five years. The principal amount is paid from year six, until the loan is fully settled.
Combining the step-up option with withdrawals from EPF Account 2 means a bigger loan amount for homebuyers.
“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,” said Datuk Abdul Mutalib Alias, chief executive officer of PR1MA.
“PR1MA has never been about just building homes – it was established with community building in mind too,” he added.
Image sourced from PR1MA
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com