Are you a middle-income household member who’s looking to buy a home? Then, it might be worth your while to check out PR1MA – an initiative by the Malaysian government to develop affordable housing for the middle-income households.
What is PR1MA?
It stands for Perumahan Rakyat 1Malaysia (or the 1Malaysia People’s Housing Programme). Its objective is 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.
What is it for?
The programme was established by the government as a means to help the intended demographic manage the cost of living in urban areas, specifically, in elevating their chances of owning a home amidst escalating property prices in Malaysia.
What kind of residential properties will be available?
Houses available under the programme will be located in sustainable communities and be priced between RM100,000 and RM400,000.
As of March 2013, areas that have been identified and are under various stages of development include Seremban Utara, Negri Sembilan; Kuantan, Pahang; Nusajaya, Johor; Bukit Gelugor, Penang and Alam Damai, Cheras (Source: NST). An estimated 80,000 homes will be built in Klang Valley and the Federal Territory alone for the programme.
How much cheaper will the properties be?
There are no official confirmations as yet. However, in an interview with The Star on 11 March 2013, Prime Minister
Datuk Seri Najib Tun Razak had been quoted as saying that the houses will be priced “at least 20% lower than market rates”.
How to buy one?
The properties are offered via an open ballot (i.e. the process of drawing lots). To become a qualified candidate, you will need to complete a registration process and get a number. Thereafter, you can submit an application for balloting to the PR1MA property of your choice. You can read about the application process here.
What the government has done is definitely a lauded effort. Have you applied for a PR1MA property yet?
Want to know more? Find out if you qualify to apply for PR1MA.
Already have a property in mind? Go to our home loan comparison table to find the best home loan rate right now.
Contributed by iMoney.my, Malaysia's leading financial comparison website, you can view the original article
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