TH Properties Sdn Bhd, developer of Bandar Enstek, has tied up with Bank Islam Malaysia Bhd on a loan package which will benefit some 12,200 potential buyers of the development’s latest phase, timur@enstek. The agreement will see buyers enjoying up to 100 per cent housing loan and waiver of payments during the construction period.

"We decided to be proactive, and come up with a 'no-payment during construction' scheme for home financing in anticipation of the impact of rising costs of living on disposable income," Bank Islam managing director Datuk Zukri Samat said in Kuala Lumpur yesterday.

The introduction of this package will give buyers the opportunity to purchase a house almost without having to pay anything until the house is fit for occupation. The bank also offers a two-month payment holiday scheme under which customers have the option to skip payments for November and December every year. Despite the flexibility, Zukri said that the bank will not compromise on credit security.

TH Properties chief executive officer, Zaharuddin Saidon said there would be 12,400 residential units consisting of link houses, town villas, apartments, semi-detached bungalows and bungalows in timur@enstek upon completion in 2015. Since its launch, 200 units have been sold at the new phase.

Zaharuddin said it will go ahead with its RM100 million worth of property launches planned for this year despite the rising cost of building materials. He said that the company is taking the opportunity to launch its products as other developers delay theirs, and added that the company is working on various measures to reduce costs to maintain its prices.

The RM100 million worth of properties will comprise bungalows and cluster units to be launched at timur@enstek at the end of this year.