KUALA LUMPUR – The ceiling of household income for those applying for the 1Malaysia People’s Housing Programme (PR1MA) will be raised from RM8,000 to RM10,000 next year, said Prime Minister Datuk Seri Najib Tun Razak.
He said 80,000 units of PR1MA houses , involving an allocation of RM1.3 billion, would be built to address the issue of home ownership at affordable prices.
Apart from that, a Rent-To-Own Scheme would be introduced specifically for individuals who are unable to obtain bank financing, he said when tabling the Budget 2015, themed “People Economy”, at the Dewan Rakyat here today.
Najib, who is also Finance Minister, said the National Housing Department would build 26,000 units of houses under the People’s Housing ProgrammeÂ (PPR) with an allocation of RM644 million.
Syarikat Perumahan Negara Berhad, he said, would also build 12,000 units ofÂ Rumah Mesra Rakyat, 5,000 units of Rumah Idaman Rakyat and 20,000 units of Rumah Aspirasi Rakyat on privately-owned land.
Najib said the government had also agreed to extend the 50 per cent stamp duty exemption on instruments of transfer and loan agreements, as well as increase the purchase limit from RM400,000 to RM500,000 until Dec 31, 2016.
“The government also agrees to improve the ‘My First Home Scheme’ under the purview of Cagamas by raising the ceiling price to RM500,000 in line with the stamp duty exemption.
“In addition, the age of borrowers to qualify for the scheme will be increased from 35 years to 40 years,” he added.
My First Home Scheme, launched in march 2011, aims to assist individuals, especially young people, with monthly income of less than RM5,000 to own a house. – BERNAMA