PKNS, Affin Bank collaborate to boost homeownership in Selangor

• Affin Bank’s Home Step Fast/i programme will be offered to allow buyers to pay lower instalments for the first five years of ownership.
• The collaboration between PKNS and Affin Bank serves to tackle affordability concerns faced by both potential and existing home buyers

SHAH ALAM (Aug 24): Selangor State Development Corp (PKNS) has inked a Memorandum of Collaboration (MoC) with Affin Bank to encourage homeownership in Selangor.

Under the collaboration effort, Affin Bank’s Home Step Fast/i programme will be offered to allow buyers to pay lower instalments for the first five years of ownership.

“In addition to quality, design and accessibility, a major decision-making factor for homeowners in the state is affordability,” said PKNS CEO, Datuk Mahmud Abbas.

“As PKNS anticipates gradual recovery in business growth, this collaboration with Affin Bank’s Home Step Fast/i programme aims to strengthen PKNS’ portfolio as it reduces purchasers’ upfront expenses,” Mahmud added.

The collaboration with Affin Bank’s Home Step Fast/i programme provides up to 90% with an additional 5% allocated for mortgage reducing term assurance or mortgage reducing term takaful, legal and documentation fees, stamp duty and property valuation, and options to finance home solar system.

The loans offered by the bank are up to 30 years or until the customer reaches 70 years of age. This collaboration between PKNS and Affin Bank will also provide “a shot in the arm for the Selangor state government’s ‘Rumah Selangorku’ programme”, PKNS said in a statement.

“We understand that it can be daunting, especially for first-time home buyers. Picking from a wide choice of developments available is difficult enough, add to that the vast number of options for financing solutions in the market that comes with it,” said Affin Bank managing director, Mortgage Business, Jessie Wong Yen Yee.

“The collaboration between PKNS and Affin Bank serves to tackle affordability concerns faced by both potential and existing home buyers and is timely given PKNS’ latest project, Residensi Advena Seksyen 16 Shah Alam, priced in the RM400,000 range, which is due to be launched next month,” stated PKNS. 

The MoC was signed by Mahmud, on behalf of PKNS, and Wong while witnessed by Affin Bank director, Strategic Alliance And End-Financing, Mortgage Business, Kelvin Chin Kok Wai.