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Bank Rakyat , SPNB forge collaboration through people-friendly home programme

9 July 2024

KUALA LUMPUR: Bank Rakyat and Syarikat Perumahan Negara - Berhad (SPNB) forge a strategic collaboration through the People-Friendly Home Program, which will provide opportunities for low-income groups to own their own homes through subscribing to Bank Rakyat's Home Financing-i and Personal Financing-i products.

Chairman of Bank Rakyat, Datuk Mohd Irwan Mohd Mubarak stated that the People-Friendly Home Program targets households with a monthly income of less than RM5,000 who do not own a house or reside in dilapidated homes but have land to build their own more perfect and comfortable homes to enhance the well-being and sustainable living of the Madani community.

Through this programme, SPNB offers house construction prices starting from RM75,000, whereby customers will receive a government subsidy of RM20,000, and the remaining balance of RM55,000 can be obtained through financing from Bank Rakyat.

"Bank Rakyat always emphasizes efforts aimed at enhancing customer experience in terms of product innovation and service delivery to provide the best and most suitable financial solutions in line with the current situation and dynamic market needs," added Datuk Mohd Irwan.

For Home Financing-i, Bank Rakyat offers financing margins of up to 95% with financing rates as low as 4.45% per annum for financing periods of up to 35 years. Meanwhile, for Personal Financing-i, Bank Rakyat offers financing rates as low as 2.89% per annum with financing periods of up to 10 years, along with three flexible financing payment methods, namely salary deductions through the Cooperative Staff Bureau (BPA), Employer Salary Deductions (PGM), and Salary Transfer to Bank Rakyat.

"This initiative not only helps alleviate the financial burden faced by low-income groups but also expands their financial options and facilitates homeownership, which is a crucial aspect of social security as an important element in economic stability, social well-being, and ensuring quality of life."

"This collaboration is seen to have the potential to develop product and service offerings and broaden business relationship opportunities, while accelerating financial inclusion initiatives and the ability to reach new customers."

Meanwhile, the Chief Executive Officer of Bank Rakyat, Dato' Dr. Mohammad Hanis Osman, stated that this initiative proves that Bank Rakyat is not only committed to providing financial solutions across segments but also fully committed to any effort that benefits all segments of society.

He added that Bank Rakyat welcomes the community, especially low-income groups, to apply for this People-Friendly Home Program as an opportunity to realize the dream of owning their own homes through the financing facilities offered.

Customers interested in applying for this People-Friendly Home Program can visit the website or contact the Bank Rakyat Call Centre at 1-300-80-5454 and visit any nearby Bank Rakyat branch for more information.


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