Can't Get A Housing Loan? Najib's Rent-To-Own Scheme Could Help You Own Your First Home
Home buyers who cannot afford a housing loan now have renewed hope of owning a home under Najib's new Rent-to-Own scheme.
By Mei Mei Chu — 10 Sep 2014, 01:35 PM — Updated over 10 years ago
Prime Minister Najib Has Launched A New Scheme For Home Buyers Who Cannot Obtain Housing Loans For The 1Malaysia People's Housing (PR1MA)
Prime Minister Najib Has Launched A New Scheme For Home Buyers Who Cannot Obtain Housing Loans For The 1Malaysia People's Housing (PR1MA).
Image via worldcdn.netFailure to obtain housing loans for the 1Malaysia People's Housing will no longer be a barrier to owning a house with the new Rent-to-Own scheme launched today. "This programme is to help applicants who are rejected by the bank, such as those without permanent jobs or a bad track record.
themalaysianinsider.com
"This is to help those who really want to own a house under PR1MA, but could not secure a bank loan. "There are people who do not earn enough for them to secure bank loans, but that doesn't mean that they should be sidelined from getting a home," Perbadanan PR1MA Malaysia chairman Tan Sri Dr Jamaludin Jarjis.
The Rent-To-Own Scheme, An Initiative By The Government To Provide Affordable Housing, Was Set Up Specially For The Younger Generation To Acquire Their Dream Houses
Prime Minister Datuk Seri Najib Razak said the scheme was set up specially for the young generation to acquire their dream houses, Bernama reported.
themalaysianinsider.com
Najib said the scheme was a special initiative by a government committed to providing affordable housing for the rakyat. “The government agreed to this initiative, which will see PR1MA working with several banks to offer the RTO scheme.”
Under The Rent-To-Own Scheme, Applicants Are Able To Own A House After Paying Within 20 To 30 Years Of Rent For The Unit
"Hence, we agree with the bank to offer the Rent-to-Own scheme that enables the applicant to only pay rent within 20 to 30 years and the house will belong to them," Bernama quoted Najib as saying at the ground-breaking ceremony for the PR1MA project at Seremban Sentral, in Seremban, today.
themalaysianinsider.com
"Under the RTO scheme, the buyers will have to pay rent for say 20 to 30 years and they will eventually own these units. "On our part, we will work something out with the banks and get them to help out in its implementation," he said at the ground-breaking ceremony for the Seremban Sentral PR1MA project here.
thestar.com.myThis Scheme Will Only Be Offered To PR1MA Home Buyers Who Had Their Loans Rejected By At Least Three Banks
Perbadanan PR1MA Malaysia chairman Tan Sri Dr Jamaludin Jarjis said the scheme will only be offered to housebuyers under PR1MA projects who had applied to at least three banks.
“Some prospective buyers have had their loan applications rejected by banks due to several reasons, including having no steady income or a poor financial track record.
Najib Said The Government Had To Intervene With The Banks As Many Genuine Buyers Could Not Come Up With Proper Documents To Support Their Applications
Najib said the Government had to intervene as there were cases where genuine buyers could not come up with proper documents to support their applications. "We had to intervene because we know that owning a house is a priority for most Malaysians," he said.
thestar.com.my