By Khairie Hisyam
Abdul Mutalib Alias
Those seeking their dream homes under the 1Malaysia National Housing Programme (PR1MA) may soon have access to special financing packages, says PR1MA chief executive officer (CEO) Abdul Mutalib Alias.
Abdul Mutalib revealed that PR1MA has engaged banks for such packages and that he has asked the financial institutions to come up with their own ‘PR1MA packages’.
“Some banks … have come up with some packages but we have not sat down and negotiated with them,” said Abdul Mutalib.
Abdul Mutalib was speaking to reporters after announcing thatPR1MA has approved 15 projects comprising 20,519 affordable houses as part of its targeted 80,000 affordable houses roll-out this year.
PR1MA chief financial officer (CFO) Hasleen Isnin who was also present said that the objective is to make PR1MA houses really affordable to eligible buyers in terms of financing packages.
“The normal financing margin is 90% — for people with RM3,000–4,000 salaries, to come up with RM20,000 in down payment is quite tough,” said Hasleen, drawing an example of a house priced at RM200,000.
Abdul Mutalib added that part of the objective is also to “assist those people who might not necessarily be eligible under normal circumstances.”
“We will make an announcement once we have finalised the program,” said the PR1MA CEO.
A PR1MA representative who declined to be named informed KiniBiz later that PR1MA has been working on the financing program for a long time, adding that it is expected to be finalised over the next few months.
However, there are still details to be ironed out between PR1MA and the banks before such a program is finalised, said the representative, adding that these include the 10-year moratorium imposed on successful buyers which differs from a conventional property purchase and financing agreement.
The moratorium prohibits a PR1MA homeowner from selling, renting or transferring his or her house to another party within the 10-year period, except if they are selling back to PR1MA.
However, owners may still rent out their houses under special circumstances subject to PR1MA’s consent.
Commenting on the moratorium, Abdul Mutalib revealed that there is a buy-back clause in the PR1MA Act 2012 that empowers PR1MA to buy back houses from owners who does not comply with the moratorium.
However, the buy-back clause is expected to be the last resort for PR1MA, he added.
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