Government proposed to expand the scheme by increasing the limit of house prices from a maximum of RM220,000 to RM400,000, making this improved scheme available to house buyers through joint loans.
In the budget, it was announced that Islamic banks have agreed to provide Shariah-compliant financing and undertake construction risks.
1Malaysia People’s Housing (PR1MA), the sole agency to develop and maintain affordable and quality housing, has already built 1,880 houses in Putrajaya and Bandar Tun Razak this year, and is going to build another 7,700 houses next year in Cyberjaya, Putra Heights, Seremban, Damansara and Bukit Raja.The Prime Minister has announced that several plots of government-owned land around Sungai Besi and Sungai Buloh will be developed for such housing.
Property prices under this scheme are expected to be lower as land and facilitation funds would be provided to developers.
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