KUALA LUMPUR — April 25, 2017: Buyers of 1Malaysia Housing Programme (PRIMA) homes can now apply for the special end financing scheme also known as Flexible Financing Scheme (SPEF) which was launched last February.
A PR1MA statement today said that buyers interested in the scheme can apply through its banking partners, namely Maybank, CIMB, RHB and AmBank.
“There are two SPEF options — either payment in stages or staggered payments through withdrawals from Account 2 of the Employees Provident Fund.
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 PRIMA buyers is a joint venture between Bank Negara, EPF and several financial institutions.
It is designed primarily for first-time home buyers by providing access to larger loan amounts compared to conventional loans. — Bernama