Have you always dreamed of buying a house, but you are unable to get a bank loan because you do not have a fixed income? Now the government has launched the Home Credit Guarantee Program, which will provide credit guarantee for those who do not have a fixed income to buy a house.
The Housing Credit Guarantee Program (Skim Jaminan Kredit Perumahan or SJKP) is one of the housing assistance programs launched by the Ministry of Housing and Local Government (KPKT).
The Skim Jaminan Kredit Perumahan or SJKP is one of the programs offered by the Ministry of Housing and Local Government (KPKT). Often these groups do not have pay slips or CPF statements to prove their ability to repay the loan, so banks will not approve loan applications for these groups. However, after SJKP provides the credit guarantee, banks will approve the loan applications of these groups.
Interested people can choose the house they are interested in and then submit an application for a loan to the bank. The bank will review the application documents and submit the relevant documents to SJKP for credit guarantee, and after SJKP has reviewed and approved the applicant’s documents, the bank will issue a loan approval letter to the applicant.
Application requirements.
1. Malaysian citizens aged 18 years or above.
2. Only for the purchase of the first owner-occupied house.
3. Applicable to newly built, under construction, resale or auctioned houses. 4.
4. Only for houses not exceeding RM300,000 (including MRTA/MRTT).
5. Monthly mortgage repayment must not exceed 65% of monthly income.
6. No delinquency of more than 2 months in the last 12 months of CCRIS report.
7. No adverse credit history within the last 24 months.
8. May only apply for a mortgage with a maximum term of 35 years or if the applicant is 65 years of age or older, whichever comes first.
9. The first installment must be 3 months of loan payments.
Steps.
1. Find the house you want to buy and submit a loan application to the bank.
2. The bank will review the application and submit it to SJKP for credit guarantee if necessary.
3. SJKP will review the application. 4.
4. Once the credit guarantee is approved by SJKP, the bank will issue a loan offer letter (LO) to the borrower.
5. The borrower will accept the LO from the bank and successfully purchase the first home.
Required documents.
1. Purchase and sale contract/pre-order/deposit payment receipt.
2. 6 months of bank statements (if any).
3. Latest personal tax return / CPF statement.
4. Letter of offer of employment.
5. Copy of Applicant’s Damascus Card. 6.
6. Business registration/license. 7.
7. Other relevant documents
Participating Banks.
1. Affin Bank
2. Alliance Bank
3. AmBank
4. Hong Leong Bank
5. Malayan Banking
For more information, please visit https://www.sjkp.com.my/.
