In a bid to help those affected by construction delays, about 4,000 buyers of 1Malaysia People’s Housing Programme (PR1MA) through the Public Sector Home Financing Board (LPPSA) are set to enjoy deferred loan repayments. Meanwhile, the Malaysia My Second Home (MM2H) programme has received 111 applications, of which 15 had already been approved.

4,000 PR1MA homebuyers to enjoy deferred loan repayments

A total of 4,000 buyers of 1Malaysia People’s Housing Programme (PR1MA) through the Public Sector Home Financing Board (LPPSA) that were affected by construction delays may enjoy deferred loan repayments.

This comes as the Housing and Local Government Ministry (KPKT) has “sent an application to the Finance Ministry seeking a six-month month deferment (of loan repayments)”, revealed KPKT Minister Datuk Seri Reezal Merican Naina Merican.

He noted that financing via LPPSA was not similar with taking loans from banking institutions, where deductions start after the buyers had received the keys from the developer, reported Bernama.

“For LPPSA financing, whether the project is completed or not, deductions will begin after 24 months for landed property and 36 months to 60 months for strata property,” he said.

Bernama said the complete details relating to the loan deferment will be announced soon.

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