first house

PR1MA now chasing profit, not helping first-time owners, says house buyers’ group

(April 20): PR1MA Corporation Malaysia (PR1MA) has strayed from its objective of building affordable homes in urban localities and instead has become profit-oriented, going into joint ventures with private developers, the National House Buyers Association (HBA) said. Its secretary-general, Chang Kim Loong, said the corporation under the Prime Minister’s Office has relaxed many of its housing requirements and allowed private developers to come in as joint venture partners. “We know these private developers are profit-oriented and they are not there to do charity. Therefore, why should PR1MA share their cake with them?” Chang said it has increased the ceiling price of a house from RM350,000 to RM450,000 last year and allowed second-time buyers to purchase PR1MA units. “The ...Read More

Limit PR1MA’s special end-financing scheme to first-time buyers, says HBA

PETALING JAYA: The Special PR1MA End Financing Scheme (SPEF) and subsequent sale of 1Malaysia People’s Housing Programme (PR1MA) homes should be limited to only first-time house buyers, said the National House Buyers Association (HBA). HBA secretary-general Chang Kim Loong applauded the SPEF, which will assist the lower income group to obtain financing to buy their PR1MA homes as many potential buyers have been denied financing by banks. “However, as this is a special financing scheme for the lower income group, HBA hopes that this financing scheme is only reserved for first-time house buyers as PR1MA has already allowed second-time house buyers to buy PR1MA properties,” he said in a statement yesterday. Chang said the subsequent sale of PR1MA units should be regulated and urged Perbadanan...Read More

First-time house buyers to gain

HBA is happy that more affordable homes are to be built under Budget 2015 and DIBS ban stays. THE National House Buyers Association (HBA) wishes to thank the Prime Minister for the measures announced in Budget 2015 to build more affordable homes for the rakyat. HBA is grateful that the Prime Minister rejected calls from the Real Estate and Housing Developers’ Association Malaysia and other groups with vested interest to reintroduce Developer Interest Bearing Scheme (DIBS) for first-time house buyers. DIBS The HBA is glad the Government has continued to heed our call to ban DIBS or any permutation that entails interest capitalisation. Developers, being entrepreneurs, have to be responsible and bear the risks that come with their investment. They should not be allowed to enjoy profits at the...Read More

10 most popular questions answered by HBA

I have got my property but it is a late handover by 370 days. What should I do? HBA:  You must read and understand the terms and conditions of your Sale & Purchase Agreement for its full effects and entitlement. If your purchase is under the Housing Development (Control & Licensing) Act, 1966 (amended 2015), then you are entitled to compensation for late delivery (in law to refer it to as ‘Liquidated Ascertained Damages’ (LAD) which is calculated at the rate of 10% of the purchase price stated in the contract. For stratified property under Schedule H contracts, an additional 10% of the balance 20% of the purchase price is the LAD for late handover of the common property. Firstly, you should make your demand in writing immediately upon receiving notice for handover of vacant possess...Read More