KUALA LUMPUR: Syarikat Perumahan Nasional Bhd (SPNB) is expected to use a new financing scheme for its 1Malaysia People-Friendly Home (RMR1M) programme with the use of panel banks next year.
Its Senior Vice President (Finance), Zakaria Alang Hassan, said the old method took three to five years to process the loans due to a deluge of applicants and limited allocation whereas the new financing scheme was expected to be processed within three to five months.
"SPNB is in the midst of finalising the agreements with four banks namely, Ambank, Maybank Islamic, Bank Rakyat and Bank Islam, and expected to complete them by November.
"The banks' involvement is in line with government's aspirations to help the rakyat by speeding up loan processing for them to own a house," he said at a media briefing on the new financing scheme for RMR1M programme here on 17 October.
Zakaria said the Ministry of Finance has recommended SPNB use the new method of financing so that the rakyat could own the house faster.
Under the programme, SPNB will offer three-bedroom houses priced at RM65,000, RM55,000 and RM45,000.
"The government will bear subsidies of RM20,000, RM17,500 and RM15,000 respectively according the prices of the houses," he said.
Besides subsidising the construction of the houses the government will also subsidise two per cent of the interest charged by the financial institutions, he said.