Mutiara Mortgage, MPKS launch pilot for Rumah Spektra Mutiara, offering low-interest, cross-generational home loans

1 hour ago 6

ADVERTISE HERE

By Shikin Louis

KUCHING, April 4: Mutiara Mortgage & Credit Sdn Bhd and Kota Samarahan Municipal Council (MPKS) have launched the pilot project for Rumah Spektra Mutiara (RSM), a new housing initiative aimed at expanding home ownership across Sarawak.

Deputy Premier and Minister for Public Health, Housing and Local Government, Datuk Amar Dr Sim Kui Hian, noted that under the initiative, eligible applicants can build homes on their own land, with financing from Mutiara Mortgage at one per cent interest for B40 households and three per cent for M40 families—far below typical commercial bank rates.

He also highlighted Mutiara’s unique second-generation financing feature, which enables heirs to continue repayments and retain the family home.

“Previously, when the Premier (Datuk Patinggi Tan Sri Abang Johari Tun Openg) asked commercial banks to provide loans, many would not lend. They said, ‘No fixed income, no collateral,’ and so on.

“Take another example: I’m 61—if I were to borrow now, banks wouldn’t lend me much. At 65, they wouldn’t lend at all,” he said during Mutiara Open Day 2026 at Wisma Sultan Tengah today.

He explained that under cross-generational financing, if a parent borrows, the children can continue the repayments.

“The guarantee is this: if you’ve never had the chance to own a house, we want you to have one now, while you’re alive. Later on, whether we like it or not, we will all pass on. At that point, your children can continue the payments, so the family still owns a home,” he added.

Dr Sim also stressed the role of local councils in the programme. MPKS, as the first council to implement the pilot, will help identify housing needs, manage loans, and oversee construction on the ground. The model is intended for expansion across urban, rural, and resettlement areas, ensuring more equitable distribution of homes Statewide.

Each RSM house comes with three bedrooms, two bathrooms, a living area, and a kitchen, designed with a modern, practical, and comfortable concept.

At the event, Dr Sim handed over Mutiara financing offer letters under the RSM project to seven recipients.

Meanwhile, Mutiara CEO Awang Irwan Awang Shawal said the agency has approved 2,480 applications, with a total financing value of RM209 million.

He highlighted the Housing Deposit and Repayment Assistance Scheme (HDRAS), introduced in 2022 as a Sarawak government initiative to help first-time homebuyers from the B40 and M40 groups. Under HDRAS, eligible applicants receive RM10,000 in deposit assistance, with Mutiara serving as the implementing agency to ensure smooth delivery.

“This scheme helps reduce the initial financial burden of homeownership, especially for young first-time homebuyers. Since its launch, HDRAS has benefited 3,115 applicants, with total assistance amounting to RM30.1 million. For many, this support represents a meaningful step toward making homeownership more attainable,” he stated. — DayakDaily

Read Entire Article