Sabah Credit Corp allocates RM300 mil for home purchase loan facility

• Chief executive officer George Taitim Tulas said the loan facility of up to 100% of the purchase price is offered to those who want to buy their first house and purchase directly from the developer.

KOTA KINABALU (March 27): Sabah state government-owned statutory body Sabah Credit Corporation (PPS) has allocated RM300 million for its home purchase loan facility, said chief executive officer George Taitim Tulas.

He said the loan facility of up to 100% of the purchase price is offered to those who want to buy their first house and purchase directly from the developer.

“PPS also provides loan facilities to contractors who are given contracts to build ‘Rumah Mesra SMJ’, with a lower interest rate than what other agencies have offered before,” he said in a statement today.

George said the agency also provides loan facilities for new businesses (business start-ups) under the entrepreneur development initiative programme.

He said the loan amount offered is up to RM50,000, with an interest rate of three per cent on a monthly reducing balance, and the eligibility age to borrow is as low as 18 years old.

"The maximum amount of micro credit loans is also increased to RM10,000 from RM2,000 without interest, with the payment period extended to 60 months from 24 months, and the eligibility age to borrow raised to 70 years old," he said.

He said the maximum amount of the agro-food facility loan was also increased to RM100,000, with the interest rate maintained at zero per cent.

George said that to expand service delivery, PPS has provided a mobile office unit for business transactions and enabled training and seminars to be carried out in rural areas without Internet facilities.

He added that PPS would open a new branch office in the Tuaran district, which is expected to commence operations by June.

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