Everyone Can Own A Home Now via 1Malaysia Housing Programme

Buying a house is no longer a dream for all Malaysians! Prime Minister Datuk Seri Najib Tun Razak launches 1Malaysia Housing Programme (PRIMA) on 4 July 2011, Monday.

What is 1Malaysia Housing Programme (PRIMA)?
The programme is one of the affords recently announced by the Government on 4 July 2011 aimed at assisting those from middle income group who can neither afford to buy high-end property nor are eligible for existing My First Home Scheme and others low-cost public housing scheme to own a home.

What is the maximum financing margin?
Under the programme, applicants can obtain housing loan up to 105% from selected financial institutions.

Do I have to pay a higher interest/profit rate or any fee to enjoy up to 105% financing under the programme?
To be confirmed.

Who is eligible for the programme?
This programme is open to all Malaysian citizens with monthly income of not more than RM6,000. (Horlic: Only for single applicant? Is joint application allowed? To be confirmed.)

Is second homebuyer entitled for programme?
No. The applicant must be first time homebuyer.

I am self-employed and my average monthly income is RM5,000. Am I eligible for the programme?
Yes. The programme is open for all Malaysians regardless whether you work with government, the private sector or self-employed.

Can I sell the house bought under the programme after completion?
No. You are not allowed to sell the house within 10 years to prevent speculative activities.

Can I rent out the house bought under the programme to earn rental income after completion?
No. The PRIMA houses shall be used for own occupation. (Horlic: I just wondering how government is going to control this?)

How do I apply for financing under the programme?
To be confirmed.

Can I apply for Islamic financing under the programme?
To be confirmed.

What is the maximum financing tenor?
The maximum financing tenor is 30 years, subject to participating banks’ respective underwriting policies.

Do I need to purchase fire insurance/takaful and Mortgage Reducing Term Assurance (MRTA) / Mortgage Reducing Term Takaful (MRTT)?
To be confirmed.

Important Notes:
  • 20 sites, which had been identified in the Klang Valley, Rawang and Seremban, expected to commence by 2012
  • 42,000 houses expected to be built on these 20 sites
  • 8 projects expected to commence by this year 2011
  • Developer Involved: S P Setia, Sime Darby Property, MRCB Resources, Putrajaya Holdings, Tradewinds, Cyberview and 1MDB
The First PRIMA Programme
  • Location: Presint 11
  • Total Units: 560 apartment units
  • Land Size: 7.6 acres
  • Price: From RM150,000 to RRM300,000 depending location and size
  • Built-Up: From 800 to 1,400 sf
  • Layout Design: 3 bedrooms and 2 bathrooms

4 thoughts on “Everyone Can Own A Home Now via 1Malaysia Housing Programme”

  1. renaye

    this is a good news. would definitely check out.

  2. iMarx

    Good … now instead of paying money (i.e., rental) to the landlords, these people are diverted into paying money (i.e., interest) to the banks ! Good job Boleh-land government !!

    • Jerm

      but don forget, at the end of the day u own the property. if u pay monthly rental, sumone else owns the property n dat person is not u unless ur landlord is ur father or sth… :p

  3. iMarx

    Jerm, it all depends on the “gap” between the 2 numbers: the monthly rental and the monthly installment.

    And the fact is, you never own the property until you settle your last installment.