The Prime Minister Datuk Seri Najib Tun Razak launched the 1Malaysia People’s Housing Programme (PR1MA) yesterday in Putrajaya.
The scheme is targeted for first-time buyers to own homes of up to 1,400sq ft. The houses would be priced at between RM150,000 and RM300,000 while the minimum size would be 800sq ft and price depend on the location.
The eligibility criteria is earning salary below RM6,000 a month and would enjoy financing of up to 105% from selected financial institutions. The additional 5% is for insurance and Sales and Purchase legal fees.
On top of that the stamp duty is exempted as part of the Government’s initiative to lighten the people’s financial burden. To facilitate or to process all applications, 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.
“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.
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.