pr1ma hope home assistance programme your dream home ... hope home... · pr1ma hope home assistance...

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PR1MA HOPE HOMEASSISTANCE PROGRAMMEYour Dream Home Within Reach

FIRST PUBLISHED (2015)

PUBLISHED BY

All rights reserved. Reproduction of any part of the publication via any medium without written consent from Perbadanan PR1MA Malaysia is strictly prohibited.

PERBADANAN PR1MA MALAYSIAR-15, Central Piazza, No. 2, Jalan PJU 1A/7A, Oasis Square, Ara Damansara, 47301 Petaling Jaya, Selangor Darul Ehsan.Tel : (+603) 7962 4374Web : www.pr1ma.my

PR1MA HOPE Home Assistance Programme

PR1MA Home is high quality housing with lifestyle concepts for middle income families in key urban areas. Available in various types and sizes, PR1MA Home offers comfort and affordability within an integrated community, sensibly designed to suit different household needs.

Priced between RM100,000 to RM400,000, Malaysians aged 21 and above with monthly household income between RM2,500 to RM10,000 can now own a home that is well within their reach.

Apply now and you can be one of the lucky PR1MA Home owners.

PREFACE

PR1MA HOPE HOME ASSISTANCEPROGRAMME 6

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Content

RENT-TO-OWN

MORATORIUM

PR1MA CARE

PR1MA END-FINANCING

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PR1MA HOPE HOME ASSISTANCE PROGRAMME

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PR1MA HOPE Home Assistance Programme is a scheme, which offers financial solutions and easy access to home ownership.

Designed to make home ownership more affordable, the programme is built on three pillars to provide financial support to home buyers. The three home buyers support services are translated in PR1MA Homeend-financing scheme, the Rent-to-Own (RTO) programme and the PR1MA Care initiative.

The entire programme is a testament that owning a home is not as daunting as one might have thought. There are options for almost everyone, with affordability being the main aim of PR1MA Home.

Getting a PR1MA HomeFirstly, you need to register at www.pr1ma.my. Your eligibility to be part of the scheme will be based on your monthly household income.

Once the right kind of home that fits your budget and location is determined, you can apply to be a candidate of the programme.

The balloting process will take place next. If you’re successful, you’d then go through a verification process before your home allocation is made.

If you’re unsuccessful, fret not, you are still eligible to apply again for other PR1MA projects that are available.

For the successful applicants who have reached the home allocation stage, the next process is loan application with the participating banks.

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MORATORIUM02

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MORATORIUM

As a PR1MA Home buyer, you are subject to a moratorium period of 10 years for outright purchases and 15 years if you are participating in the RTO scheme. Moratorium is a period during which no transfer of ownership activity is allowed. As such, if you are successfully balloted for a PR1MA Home, you are not allowed to sell, dispose or rent the PR1MA Home till the expiry of the moratorium period.

END-FINANCING

Housing loan provided byour panel banks : - Maybank - CIMB - MBSB - Bank Rakyat - BSN

Moratorium for 10 years.

RENT-TO-OWN

Applicable to successfullyballoted applicant of PR1MAHome whose loan was rejectedby PR1MA panel banks forend-financing.

Moratorium for 15 years from SPA.

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AN ILLUSTRATION OF MORATORIUM FOR PR1MA’SEND-FINANCING PACKAGES

YEAR -3 YEAR 0

CONSTRUCTION PERIOD

SIGNING SPA OUTRIGHT PURCHASES

MORATORIUM PERIOD

YEAR 10

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PR1MA END-FINANCING03

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PR1MA END-FINANCING

PR1MA end-financing packages

You can fetch attractive PR1MA end-financing packages from participating banks namely : Maybank Malaysian Building Society Berhad (MBSB) CIMB Bank Bank Simpanan Nasional (BSN) Bank Kerjasama Rakyat

The packages include financing of up to 110% of the Sale and Purchase (SPA) price. What is more attractive about PR1MA end-financing offering is NO DOWN PAYMENT is required, making home buying process even easier.

Final terms and conditions are subject to the respective banks’ approval.

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Getting a loan

Once you secure the end-financing package, you can opt to either :

serve the interest during construction and commence loaninstallment only upon completion of the property, or ; capitalise the progressive interest into the loan amount while waiting for completion of the property.

Your loan covers all expenses, which include but not limited to Mortgage Reducing Term Assurance (MRTA) / Mortgage Reducing Term Takaful (MRTT), legal fees, stamp duties etc. As a PR1MA Home buyer, you can enjoy attractive interest rate offered by the participating banks.

You can also stretch your loan tenure up to 35 years or until you reach the age of 70, whichever is earlier.

If you are a self-employed applicant with no income documentation but are keen to own a PR1MA Home, you can still apply for it. Nevertheless, the consideration for approval will be subjected to the respective banks’ discretion.

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RENT-TO-OWN04

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RENT-TO-OWN (RTO)

Rent-to-Own (RTO) is a deferred home ownership scheme specially developed for successfully balloted applicants of PR1MA Home whose loan was rejected by panel banks for end-financing.

Under the RTO scheme, you are eligible to initially rent the PR1MA Home up to 10 years before deciding on buying it at the end of the fifth and tenth year at a pre-determined price.

Whatever your choice is, the scheme does offer a number of attractive features that might spell affordability and accessibility.

Under the RTO scheme, you can choose between PR1MA Basic RTO and the PR1MA Zero RTO.

PR1MA BASIC RTO

MONTHLY PAYMENTS :

RENT-TO-OWN

Rent + Option toPurchase + Buyer’sSaving Account (BSA)

THE RTO SCHEME IS PURCHASE DEFERMENT PROGRAME

PR1MA RENT-TO-OWN (RTO) SCHEME

PR1MA ZERO RTORENT-TO-OWN

MONTHLY PAYMENTS :Purely Rental +Option to PurchaseWithout BSA

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Joining the RTO scheme under the PR1MA HOPE Home Assistance Programme is pretty simple and straight-forward. Your journey inbuying a home starts with a click of a button, via a dedicated website(www.pr1ma.my)

Getting into the RTO scheme

REGISTER ATwww.pr1ma.my

IF LOAN IS REJECTEDBY THE BANK YOU MAY

ENROLL FOR RTO

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HOME ALLOCATION

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For Basic RTO, you will pay your monthly rental, which includes some savings amount in addition to the monthly rental. The savings is accrued in your Buyer’s Savings Account (BSA) to help accumulate the 10% down payment of the house value. Your savings in BSA can be withdrawn and utilised as the necessary down payment for a bank loan at the time of purchase.

The savings account will be under your name. Amount saved cannot be withdrawn throughout the tenancy period as withdrawal is only allowed when you choose to exercise your option to purchase the house or to exit the RTO programme.

If you decide to exit the programme without purchasing the house, the savings amount will be refunded after deducting any owing to PR1MA.

During the rental period, BSA will be placed in an exclusive fund managed by independent parties and governed by PR1MA.

Basic RTO

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Rental rates for both schemes will be benchmarked against mortgage installment. Rental under Zero RTO will be less than that of Basic RTO.

Rental escalation is estimated for every three years. (Rental rate and payment schedule will be determined prior to signing of Rental Agreement between the tenant and PR1MA).

For Zero RTO, you will pay only the monthly rental without any savings element incorporated in this scheme.

There is no savings accumulated in the monthly rental and if you decide to exit the programme without purchasing the PR1MA Home no refund will be paid.

If you decide to exercise the Option-to-Purchase (OTP), you need to look for full end-financing from any of the panel banks of your choice and come up with the 10% down payment required for a bank loan.

The choice is yours, whether you opt for Basic RTO or Zero RTO. Financial standing and credit record are the essentials in your consideration to opt for the RTO scheme, which suits you best.

Rental rates

Zero RTO

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You need to pay three months deposit as per normal rental procedures prior to collection of keys.

You have the Option-to-Purchase (OTP) the PR1MA Home in which you reside at the end of the fifth year or the 10th year of the programme.

You can make withdrawal from your Buyer’s Savings Account (BSA) upon exercising your OTP, for the 10% down payment of the PR1MA Home purchased price.

If you decide to exit the RTO programme without purchasing the PR1MA Home unit, the savings amount will be refunded to you after deductions are made based on all the outstandings / owings to PR1MA.

If you are self-employed applicant with no income documentation or guarantor for bankrupt but are keen to own a PR1MA Home, you can still apply for it. Nevertheless, the consideration for approval will be subjected to PR1MA’s discretion.

RTO Deposit

Purchasing a PR1MA Home under RTO

Exiting the PR1MA Home RTO programme

Self-employed or guarantor for bankrupt

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EARLY REDEMPTIONEarly exit from RTO programme with ability to purchase PR1MA Home.

MANDATORY REDEMPTIONCompulsory exit from RTO programme with option to purchase PR1MA Home or without purchasing the unit.

RTO TIME LINE

CONSTRUCTIONPERIOD

SIGN RTOAGREEMENT

EXITRTO SCHEME

EXITRTO SCHEME

SIGNTENANCY

AGREEMENT

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SIGN SPA FOROUTRIGHTPURCHASE

(AT ORIGINALPRICE + PR1MA

INTERESTCLOWBACK)

EARLYREDEMPTION

BY EXERCISINGOPTION TOPURCHASE

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RTOPERIOD

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KEY MORATORIUM PERIODPR1MA Corporation Malaysia. All rights reserved.

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PR1MA CARE05

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PR1MA CARE

PR1MA cares for the wellbeing of its home buyers and RTO tenants.

Sign up as a PR1MA Home buyer or apply to be its RTO tenant and you are eligible to enjoy many additional benefits inclined towards your best interest.

If you are a tenant of PR1MA Home under the RTO scheme you can continue to stay in the home you are residing for up to a year should you face difficulties from unforeseen circumstances such as death or permanent disability. This is to allow you and your family members to have time to be stable and able to overcome the predicament from any unfortunate circumstances.

Apart from that, PR1MA provides funeral expenses for its RTO tenant and for the Muslims, this includes expenses for Badaal Hajj.

This means that PR1MA will bear the expenses of a reprsentative to peform hajj on behalf of the deceased tenant.

In general, all PR1MA Home buyers and applicants can enjoy better and cheaper insurance coverage towards home ownership. The MRTT covers extra coverage for personal accident as well as funeral expenses. You can also enjoy good rate for fire insurance and Motor Takaful with an automatic 10% discount plus NCB reduction.

In addition, you are also eligible to own a PR1MA Care Etiqa privilege card, which entitles you to enjoy a 10% annual return and premium rate reduction of 10%.

PR1MA Home buyers / registrants

PR1MA tenants under RTO

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PR1MA :TENANTS UNDER

RTO PROGRAM

PR1MA :HOME BUYERSREGISTRANT

+ Funeral Expenses /Badaal Haji

Up to 1 year Rental inthe event of

BENEFITS :

AccidentalDeathLoss of Incomedue to Injury

BENEFITS :Annual Return :15% - 25%Premium RateReduction : 10% - 15%

To give PR1MAHome Buyers andRegistrants an optionfor better & cheapercoverage towardshome ownership.Compliance withStrata Title Act

PRODUCTS :MRTT Personal Accident (extra) Funeral Expenses (extra)Fire InsuranceMotor Takaful(Automatic 10%Disc + NBC Reduction)PR1MA/ETIQA Privilege Card

APPROVED AND ENDORSED BYBANK NEGARA MALAYSIA

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PERBADANAN PR1MA MALAYSIAR-15, Central Piazza, No. 2, Jalan PJU 1A/7A, Oasis Square, Ara

Damansara, 47301 Petaling Jaya, Selangor Darul Ehsan.Tel : (+603) 7962 4374 Web : www.pr1ma.my

pr1ma hope home assistance programme your dream home ... hope home... · pr1ma hope home assistance...

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