PUTRAJAYA, Aug 22 – Corporation 1Malaysia People’s Housing Project (PR1MA) today launched the “Rent-to-Own ‘(RTO) to help buyers who are not eligible for housing loans to own a home PR1MA. The Chief Executive Officer Datuk Abdul Muttalib Alias said that under the program it retained ownership of the house, buyers who have poor credit ratings were given the option of renting for 10 years in order to build equity deposit required for a bank loan.
“The choice to join RTO program is only given to prospective buyers as a last resort if their loan applications rejected by the bank PR1MA panel. We do RTO because there is a case that has drawn buyers failed to get a home loan from a bank and was eventually forced to give to those who are in the reserve list,” he said.
Abdul Muttalib said the RTO is part of the Homebuyer Assistance Program, which provides an opportunity for more people to qualify for middle-income households have PR1MA. He said Homebuyer Assistance Program consists of two components, namely a loan of up to 110 percent and PR1MA Care.
According to the loan program up to 110 per cent, a total of six financial institutions collaborate with PR1MA to offer attractive financial packages for potential buyers. The institution is Malayan Banking Berhad, CIMB Group Berhad, Malaysia Building Society Berhad (MBSB), Bank, National Savings Bank (BSN) and Bank Islam.
“This package includes a loan of up to 110 percent of the selling price and buying (SPA) in addition does not require a deposit. PR1MA Care program was targeted at the three major groups, including the buyer / owner; PR1MA registrars and the developer / contractor,” he said.
“The owner / home buyer PR1MA, the benefit can be enjoyed in the form of post-purchase protection, comprehensive insurance rates more affordable and comprehensive welfare. For PR1MA public registries, they can enjoy the benefits in the form of discounts and exclusive promotions with partners who participate in the country,” he added.
