Perbadanan PR1MA Malaysia urged PR1MA homeowners to apply for Skim Pembiayaan Fleksibel (SPEF), a special end-financing scheme made available since February, through Ambank, Maybank, RHB and CIMB.
Exclusive for PR1MA homebuyers, the scheme â€“ which is a joint effort of EPF, Bank Negara Malaysia and the partner financial institutions â€“ was designed to raise the chances of applicants to secure a home loan.
It also provides first-time homebuyers access to a higher loan amount than that offered in conventional loans.
Under SPEF, homebuyers can choose between the step up only and the step up with EPF Account 2 withdrawal. In both options, borrowers will pay the interest only in the first five years as the principal will kick in from the sixth year onwards until the loan is fully paid.
"If homebuyers would like to get a larger loan amount, they may choose the second option where the EPF Account 2 is utilised" said PR1MA in a statement.
"The scheme is subject to terms and conditions and eligibility will depend on the borrower's risk profile and credit assessment by the banks.â€
PR1MA Members of Corporation have given the green light for the development of 265,033 PR1MA homes as at April 2017. Of these, 136,569 units are already in their various stages of construction.
Notably, around 1.41 million Malaysians have registered for PR1MA homes, of which 166,972 had applied for the homes.
Established under the PR1MA Act 2012, PR1MA is tasked to develop, manage and maintain quality homes for mid-income group living within the urban and suburban areas, with a monthly household income ranging from RM2,500 to RM15,000.