PR1MA offers Rent To Own scheme for house buyers

The Government Malaysia will offer rent-to-own RTO schemes to potential 1Malaysia People’s Housing Programme (PR1MA) house buyers who are unable to secure loans from financial institutions, said Datuk Seri Najib Tun Razak yesterday.

The Prime Minister said the rent-to own RTO scheme was designed to allow potential PR1MA house buyers who could not afford the house units, or had been turned away by banks when come to bank housing loans.

“Under the rent to own scheme, the house buyers will have to pay rent for say 20 to 30 years and they will eventually own these property.

“On our part, we will work negogiate with the banks and get them to help out in its rent to own implementation,” he said at the ground-breaking ceremony for the Seremban Sentral PR1MA project here.

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Najib said the Government had to intervene as there were cases where genuine house buyers could not come up with proper documents to support their bank housing loan applications or not qualify for the bank housing loans.

“We had to intervene because we know that owning a house is a priority for most Malaysians,” he said.

Najib also approved the construction of an additional 2,000 such units under the Seremban Sentral PR1MA project.

“I support the Mentri Besar’s (Datuk Seri Mohamad Hasan) noble idea for PR1MA to build an additional 2,000 house units since there was additional space and it benefits the people,” he said.

Najib said although the price range for these property units had not been determined, it would be at least 20% cheaper than the prevailing property market rate.

The Type A and Type A1 property units will feature two-bedroom and a bathroom house in 825 sq ft and 804 sq ft sizes, respectively ; while Type B and Type C will feature three-bedroom and two-bathroom house in 1,008 sq ft and 1,214 sq ft, respectively.

He also thanked conglomerate Sime Darby for agreeing to build 1,000 PR1MA property units in Labu near here.

“I am glad that Sime Darby has joined the Government to help build affordable homes for the people,” he added.

PR1MA has more than 700,000 interested house buyers listed on its national registration system.

As of last year, PR1MA had approved the construction of 80,494 affordable home units as mandated by the Government.

Malaysia property market price has been shoot up steadily within these three years since 2011. Up to date, the property price is double up from the property price of before year 2011. Property price at some states and areas especially Iskandar Malaysia, Greater KL and Penang already reach its peak that not affordable by house buyers.

PR1MA and other schema targeting to help Malaysian who unable to afford to own their own property is come in time. It is government effort to help lower income Malaysian to have their own house and reduce public anger towards recent inflations especially in property market and foods and GST in time to come.

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