PETALING JAYA: Perbadanan PR1MA Malaysia has introduced a special end-financing scheme named Skim Pembiayaan Fleksibel (SPEF) to provide eligible buyers with a significant reduction in monthly home loan instalments at affordable levels.
The new scheme is established in collaboration with Bank Negara Malaysia, the Employees Provident Fund, and four local banks - Maybank, CIMB, RHB and AmBank.
PR1MA chief executive officer Datuk Abdul Mutalib Alias said the scheme, meant exclusively for PR1MA homebuyers, will make ownership possible especially for first time house buyers.
The scheme will increase homebuyers' chances of getting a home loan and provides access to higher loan amount than they would otherwise not eligible for with conventional loans.
The cornerstone of SPEF is the step-up only or step-up with EPF Account 2 withdrawal options, where in the first five years, only interest is paid.
The principal amounts kicks in from year six onwards until the loan is settled.
The step-up option combined with withdrawals from EPF Account 2 means that homebuyers can have access to a larger loan amount.
"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.
"PR1MA has never been about just building homes - it was established with community building in mind too." he told reporters at SPEF briefing here, today.