40,00 PR1MA Houses To Be Build
We have seen a few articles about the struggles and challenges faced by the youths in owning a house in Malaysia. While the youths are scratching their head to figure out a way to resolve the issue, the government had announced PR1MA plan to assist the youths to own a house. The government has noticed the youths having challenges in getting houses after the prices of the houses in KLang valley soars to the roof. To assist this youths, in 2012 the Malaysian Government introduced this PR1MA plan. With this plan, the government will be developing 500,000 new houses around Malaysia to help the youths.
However, there are certain guidelines and rules before someone able to own this houses. First of all the purchaser have to be a Malaysian citizen, Second he must be 21 years and above regardless of single or married. Third your individual or combines household income must be between RM2,500 to RM10,000 and the final eligibility criteria is, between you and your spouse, you should not own more than 1 property. Those who fulfil all 4 criteria may apply to buy houses priced between RM100,000 to RM400,000 under PR1MA’s plan.
The steps to buy the house is very simplified by step by step guide. Create your account at www.pr1ma.my. Complete your registration and upload all required documents. You will notified PR1MA developments in your preferred locations. Launched projects will also be advertised in the media. You have to apply for developments that are opened for application as entry for balloting will not be automatic. An open and transparent “balloting” process will be conducted for applicants who have fulfilled all the requirements.
Once you have balloted, verification of relevant documents will be performed to ensure your eligibility. You have the privilege to choose your preferred unit based on availability. Your property financing is your own choice. However, appointed PR1MA panel bankers would be able to assist your needs via their attractive end financing packages. Furthermore, PR1MA also offers its “Rent to Own” (RTO) programme with maximum of 10 years rental schemes with a purchase option to those who qualify.
Sales & Purchase Agreement (SPA) to be signed between PR1MA and you, the owner/s of the property. Upon completion of the house and upon issuance of Certificate of Completion & Compliance (CCC), the keys and your property will officially be handed over to you, making you a proud owner of a new PR1MA Home.
Under the scheme by end of 2014 there will be 40,000 houses under construction. A new project is open for registering while other projects being identified around Malaysia. Central region – 13, Southern Region – 7, Northern region – 15, East coast – 3, Sabah – 3 and Sarawak 2 are the current projects being finalized. Many of the development focused in apartments, there are some landed properties too.
Is the plan alone enough? What about other assistance to own the house? Are some of the questions raised by the youths. For this, the government has worked out with the financial assist programs. Through the approved panel bank, someone who want to get on hold to this type of houses can get 110% loan. The additional 10% is to assist them with the legal fees and other required expenses. We can see the big heart of the government from this.
If the youth failed to get a loan, the project will personally assist you with Rent-To-Own scheme. With the scheme the eligible person will be living in the preferred house but only need to pay rental until he can secure a loan. It could be 5 or 10 years later. But the amount of the loan still remain the same regardless to the price increase in the property market. This clearly shows the Government of Malaysia really care about its citizens.
All the eligible youths are encouraged to use this opportunity and buy their own house.