So that more citizens can apply for the 1Malaysia People’s Housing (PR1MA) programme, the government announced on Tuesday (17 January) that it has raised the salary ceiling, and eased the prohibition on residential sale and rental.
In particular, the authorities increased the limit on the required monthly household income from RM10,000 to RM15,000, and reduced the moratorium on home sale and rental from 10 years to five years.
“The increase in income level to RM15,000 is to enable more people to be eligible to own a PR1MA house, apart from shortening the moratorium period,” said Prime Minister Datuk Seri Najib Razak.
“These are all measures taken by the government which is very committed to enabling people, especially the target group, to own a PR1MA house,” he told the media after officiating an event at PR1MA Residency Puteri Jaya 1 in Sungai Petani.
PM Najib said the price of these properties will remain the same, but these units are still 20 percent more affordable than similar houses available in the market.
“I see here that the price of the PR1MA model house is at RM270,000 compared to RM470,000 for an almost similar house offered out there [by the private sector].”
Nevertheless, the two changes in PR1MA’s rules would help more people purchase a home they want that is within their means. “I stress that people will be able to own bigger assets and that the government is very committed to enabling people to own a house of their desire,” said Najib.
The Prime Minister is also overjoyed with the one-stop shop approach adopted by PR1MA Corporation to make the application process more convenient. “Here, the applicants can choose a house lot, apply for a loan and get legal advice under one roof, and this measure saves a lot of time and energy.”
Furthermore, the measures to improve the mortgage application process introduced under the 2017 Budget would also help more Malaysians to climb on the property ladder, said Najib, adding that the authorities intend to build 500,000 PR1MA units in the country.
Image sourced from Youtube
Diane Foo Eu Lynn, Senior Content Specialist at PropertyGuru, edited this story. To contact her about this or other stories email diane@propertyguru.com.my
