Govt to offer rent-to-own schemes for PR1MA housebuyers without bank loans

The Government will offer rent-to-own schemes to potential PR1MA housebuyers who are unable to secure loans from financial institutions, said Datuk Seri Najib Tun Razak.

The Prime Minister said the RTO scheme was designed to allow potential PR1MA buyers who could not afford the units, or had been turned away by banks.

"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.

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. 

Najib also approved the construction of an additional 2,000 such units under the Seremban Sentral PR1MA project.


"I support the Mentri Besar's (Datuk Seri Mohamad Hasan) noble idea for PR1MA to build an additional 2,000 units since there was additional space and it benefits the rakyat," he said.
Najib said although the price range for these units had not been determined, it would be at least 20% cheaper than the prevailing market rate.

He also thanked conglomerate Sime Darby for agreeing to build 1,000 PR1MA units in Labu near here.

"I am glad that Sime Darby has joined the Government to help build affordable homes for the rakyat," he added.

PR1MA has more than 700,000 interested buyers listed on its national registration system.

As of last year, PR1MA had approved the construction of 80,494 affordable units as mandated by the Government.