As house prices in Malaysia continue to surge in the past few years, first time home buyers are finding it more and more difficult to afford a residential property, especially in the urban areas. The middle and lower income groups have no choice but to continue renting or buying their houses in the outskirt — which means commuting longer and further to go to work and home.
The Government heard the cries for help and has established a few cooling measures to stablise the housing prices and also to help these groups of people to finally afford their own home. One of the efforts introduced by the Malaysian government is the 1Malaysia People’s Housing Programme, or PR1MA.
It’s set up to develop affordable housing for the middle-income group in key urban centres in Malaysia. In this case, middle-income is defined as a joint monthly income (encompassing both husband and wife’s earnings) of RM2,500 to RM7,500.
Houses available under the programme will be located in sustainable communities and be priced between RM100,000 and RM400,000. Want to make your dream of having your own home? Here’s how you can do it:
Find out more about PR1MA here.
Contributed by iMoney.my, Malaysia’s leading financial comparison website, you can view the original article here. To compare and apply for the best financial products, such as fixed deposits, home loans, personal loans and credit cards, visit www.iMoney.my.