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Amanah: New PR1MA financing may saddle borrowers with more debt

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The government's attempt to introduce a new financing method for aspiring homeowners under the PR1MA affordable housing programme may be a noble effort but it could end up saddling them with more debt, says Parti Amanah Negara.

Amanah's Youth's housing committee chairperson Mohd Ammar Atan said this in reference to the newly-launched Special PR1MA End Financing (SPEF).

Mohd Ammar noted that while SPEF allows for lower initial repayment and high loan, its interest rate of 4.75 percent is higher than the average of 4.45 percent for conventional loans.

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