Do you know that your monthly repayment is RM1,352 if you buy a RM300,000 apartment with a 10 percent downpayment today? 30 years repayment period and 4.4 percent interest rate assumptions yeah. Assuming a healthy 30 percent of the income is used for mortgage payment, then the person or household would need to have a net income of RM4,500. Usually, can stretch to 40 percent lah, so even those earning a net income of RM3,400 also could qualify as long as he does not owe too much credit card debts or driving a new Segment B non-national car lah. Take a look at the image from iProperty.com’s mortgage calculator to understand more. If you are ready, then the chance is coming. PR1MA in Penang wi be starting within 2018 and there’s a total of 1,162 units for the benefit of over 1,000 families. Here’s one recent news article about it in nst.com.my
State Local Government, Housing and Urban and Rural Planning Committee chairman Jagdeep Singh Deo said that Penang’s first 1Malaysia Peoples’ Home (PR1MA) project will begin construction by the end of this year. He also shared, “After discussions with the Housing and Local Government Minister, Zuraida Kamaruddin, she has agreed to allow us to monitor and supervise the project’s progress instead of the federal agency.” Briefly, there would be two blocks; a 38-storey block for the affordable housing category, with a 850 sq ft per unit to be sold at RM300,000 and another 31-storey block for the low-medium cost housing category, with a 650 sq ft per unit to be sold at RM72,500. In terms of numbers, a total of 905 units are for the affordable housing category and 257 units for the low-medium cost housing category. The developer is Ideal Property Development Sdn Bhd. The project will be completed in 3 years after the construction started. Please refer to the full news article about it in nst.com.my
Whenever it comes to affordable housing projects, my usual worry is always the number of available car parks. The reason is simple. If there are insufficient number of car parks, then the owners would usually park their cars along the road side. This will cause the lane to become narrow and a jam can easily start. Perhaps it is good to ensure that the number of car parks would be sufficient to cater to the number of potential households. In fact, one more potential solution is for the development to also have bus transit services to the LRT since it has been revealed recently that the LRT project may be ready within 5 years. Do apply for it if you qualify because RM300,000 for a 850 sq ft is really quite attractive in 2021 when it’s completed. It’s just RM350 per sq ft yeah. Happy applying and enjoying your first home.
written on 21 June 2018
next suggested article: 4 to 1 means 97,500 new homes needed yearly. (Then why oversupply?)