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On the 4th July 2011, Prime Minister Datuk Seri Najib Tun Razak launched Program Perumahan 1Malaysia or 1Malaysia Housing Programme (PR1MA). The programme aim to assist the middle income group who can neither afford to buy high-end property nor are eligible for existing My First Home Scheme and others low-cost public housing scheme to own a home.
Middle income group are those who earn not more than RM6,000 per month regardless whether they work with the government, the private sector or self-employed.
The programme will be plan and coordinate projects by 1Malaysia Housing Programme Corporation, and placed under the Prime Minister’s Department. The corporation would also distribute houses under the projects to eligible recipients.
Below are the details of 1Malaysia Housing Programme (PR1MA).
The Programme 1. 42,000 houses on 20 strategic sites in Klang Valley, Rawang and Seremban
2. 8 projects expected to commence in 2011 & 2012
3. Developed by Putrajaya Holdings, SP Setia, Tradewinds, Cyberview, Sime Darby Property, MRCB Resources and 1MDB
Features 1. Each unit will be sold between RM150,000 and RM300,000 depending on location and size
2. Each unit would be between 800 and 1,400 square feet with three bedrooms and two bathrooms
Eligibility 1. Malaysian citizens with monthly income less than RM6,000
2. First time home buyer
3. Open for all Malaysians who work with the government, private sector or self-employed
Restriction 1. Not allowed to sell the house within 10 years to prevent speculative activities
2. Not allowed to rent the unit. Only for own occupation
Financing 1. Financing up to 105% from selected financial institutions. The additional 5% is for insurance and Sales and Purchase legal fees
2. Stamp duty will be exempted
3. Maximum financing tenor of 30 years
4. EPF savings withdrawal through the existing mechanisms