KUALA LUMPUR: Property developer Selangor Dredging Bhd (SDB) has launched its “Reside-and-Purchase” programme to provide greater opportunity for consumers to own their dream homes.
SDB said yesterday that RAP was the first programme of its kind by any developer in the country as it allowed consumers to own their home in just a few simple steps.
Traditionally, in standard home purchases, the sale takes place immediately. However, home prices are high and buyers will usually complete the transaction by securing a home loan from a bank.
However, SDB said in the current economic conditions, this was becoming increasingly difficult to do.
Under the RAP programme, the buyers will place a 5% down payment on the selling price of the property. They will then have to conclude the sales documents and move into the home immediately, according to the company.
SDB said the buyers would then have to settle the loan differential over up to 36 months in zero-interest instalments.
They then have to pay off balance via a bank loan at the end of 36 months
“The RAP programme offers another alternative of buying a home. Monthly zero-interest instalments contribute towards reducing the purchase price needed to own the home.
“At the end of the residing tenure, the buyer will apply for a loan to cover the remaining purchase amount and take ownership of the property,” it said.
SDB said the RAP programme would provide buyers with a strong sense of ownership in their future home and build on their asset.