Prime Minister Datuk Seri Najib Razak recently announced two policy changes under the 1Malaysia People’s Housing (PR1MA) programme, namely raising the household income eligibility and shortening the moratorium on house sale and rental.
The household income eligibility for PR1MA buyers has been increased from RM10,000 to RM15,000, while the moratorium on house sale and rental has been shortened from 10 years to five years.
“This will increase the number of eligible purchasers and make the houses more attractive to the market.
“We care about the people’s aspirations, poor or rich, to fulfil their dream of buying their first home.
At an event celebrating PR1MA@Kedah Community at PR1MA Residency Puteri Jaya 1, Najib added that PR1MA does not only allow more Malaysians to own affordable homes, it is also a medium to transfer wealth in the form of properties to the people.
Other than increasing the number of eligible households, PR1MA also simplifies the buying process with “one roof”, which handles financing, legal matters and selection of unit.
“Those who were initially rejected by banks, will likely get their financing for their dream homes through the new measures introduced,” he added.
More than 80% of the 3,067 houses in Sungai Petani, built under PR1MA, have already been booked, said Najib, adding that half a million of PR1MA units will be built by PR1MA Corporation Malaysia in the future.
These homes are priced between RM100,000 and RM400,000, and currently there are 24 approved projects throughout Kedah comprising 22,169 units of homes. This accounts for 8% of the total of 231 approved projects nationwide, involving 266,400 units of homes.
[Source]
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