Tuesday, July 5, 2011

First-time house purchasers to get up to 105% financing

“Also, the stamp duty is exempted as part of the Government's initiative to lighten the people's financial burden,” he said at the launch of the programme's first phase at Precinct 11 here.
PUTRAJAYA: Datuk Seri Najib Tun Razak launched the 1Malaysia People's Housing Programme (PR1MA) for first-time buyers to own homes of up to 1,400sq ft.
The Prime Minister said depending on the location, the houses would be priced at between RM150,000 and RM300,000 while the minimum size would be 800sq ft.
He said that buyers, making up those who earn not more than RM6,000 a month, would enjoy financing of up to 105% from selected financial institutions.
“The additional 5% is for insurance and Sales and Purchase legal fees.
Najib said a special corporation, to be known as 1Malaysia Housing Programme Corporation, would be set up to plan and coordinate the programme.
The corporation would be placed under the Prime Minister's Depart-ment and would be responsible for distributing the houses to eligible recipients.
“An Act governing the new corporation is being formulated and will be tabled in Parliament at the next sitting,” he said.
“It is hoped that this special corporation will propel PR1MA in line with the concept of 1Malaysia, People First, Performance Now,” he said, adding that the scheme was open to Malaysians, including the self-employed and those in the private sector.
Prime Minister Datuk Seri Najib Tun Razak at the launch of the 1Malaysia Housing Programme for firsttime buyers to own homes of up to 1,400sq ft. in Putrajaya. Looking on are Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Zainal Abidin and Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop. Backdrop shows artist’s impression of the homes.
Najib said a total of 42,000 houses would be built in 20 strategic locations in the Klang Valley, Rawang and Seremban with eight projects expected to commence this year.
The Government was also identifying locations in other major towns for the programme, he added.

1 comment:

  1. Looks like the government has learned nothing from the American sub-prime debacle. The boost they are giving the housing market will lead to even more of a bust when owners without significant equity realize that walking away is the best option.