Loan application approvals are hard to come by? It’s the bank’s fault OR? You are not qualified for PR1MA because your income is higher than the ceiling income set earlier? I think everyone knows that now there are even more households who qualify for PR1MA. Just weeks ago, it was announced that those with a household income of RM15,000 and below can now apply for the PR1MA scheme. This is up from RM10,000 previously. If you ask me why, I am not sure. RM15,000 is indeed lots of income. Perhaps both the husband and wife are driving Segment D cars. Then, that explains a lot why they could not afford to buy a property even with up to RM15,000 household income. Somehow, these households with up to RM15,000 income still finds it impossible to own anything out of the government schemes. Can some of kopiandproperty.com’s reader comment about this new requirement? Are we really this bad?
Now, this relaxation is further enhanced. PR1MA will now offer end-financing too, for those who qualify. Yes, it must be a PR1MA project to begin with. It’s called the Skim Pembiayaan Fleksibel (SPEF). You can read the full article in NST here. The new scheme is established in collaboration with Bank Negara Malaysia, the Employees Provident Fund, and four local banks – Maybank, CIMB, RHB and AmBank. The PR1MA chief executive officer Datuk Abdul Mutalib Alias said that the scheme will increase homebuyers’ chances of getting a home loan. How it works is that it will allow homebuyers to borrow a larger loan amount. In brief, 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. With this, it meant that the homebuyers can borrow more.
I think it’s better that homebuyers with this kind of income step back and ask why they could not yet buy their own home and must rely on all these just so that they can buy one. No savings? Start saving la. No idea where to buy? Start viewing lah. Do not know the importance of property as an investment? Read more lah. My colleague who earns far lesser has just bought her SECOND property (Bandar Permaisuri). It’s only a RM380,000 apartment but she can now rent it out while continuing to stay at her current place. She earns much lesser than the RM15,000 maximum income ceiling stated. Is it also because the PR1MA homes are just not attractive? Too bland, too far, too expensive perhaps? If we can also look at the root-cause, perhaps we can then match these PR1MA homes to those who really need one. Cheers.
written on 14 Feb 2017
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