Grateful for the 6 month moratorium on PR1MA home loans

LETTER | For those of us who have purchased houses from PR1MA, we must start repaying our loans 24 months after the start of the project, whether the house is completed or not.

My family was among those who bought a PR1MA house in 2019 and soon after the Covid-19 pandemic hit Malaysia.

We took out a loan from the Public Sector Housing Finance Authority (LPPSA) and had to start repayments in November last year, despite our house being around 50% complete.

The project was delayed due to Covid-19 and MCO.

This meant that we would have had to pay RM350 for our current rental and also for our PR1MA house which was not even ready yet.

Paying for two houses is just too much for my family, and we were relieved when Housing and Local Government Minister Reezal Merican Naina Merican recently announced a 6 month moratorium.

We hope our homes will be finished by then and we are able to move in and move out of our rented home now.

Unlike normal loans which only start payments once the owner has obtained the keys, PR1MA asked us to start payments 24 months later.

Fortunately, the minister intervened to help us, otherwise we would surely have gone into even more debt.

My family would like to thank Reezal and the government for taking our plight into consideration.

The views expressed here are those of the author/contributor and do not necessarily represent the views of malaysiankini.

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