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.
