1Malaysia Housing Programme (PR1MA) home buyers can now apply for the special end financing scheme also known as Flexible Financing Scheme (SPEF), which was launched last February.
In a statement yesterday, PR1MA said buyers who are interested in the scheme could apply through its banking partners – Maybank, CIMB, RHB and AmBank.
“There are two SPEF options, either payment in stages or staggered payments through withdrawal from Account 2 of the Employees Provident Fund (EPF).
“Borrowers will only have to pay interest for the first five years while the principal payment will begin on the sixth and subsequent years until the loan payments are completed for both these options.”
The scheme established for PR1MA house buyers is a joint venture between Bank Negara Malaysia, EPF and several financial institutions.
It is designed primarily for first-time home buyers by providing access to larger loan amount compared to conventional loans.
Source: The Rakyat Post