Have you always had the dream of buying a house, but have been unable to obtain a bank loan due to lack of fixed income? The housing credit guarantee scheme launched by the government will provide credit guarantees 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 purchase assistance programs launched by the Ministry of Housing and Local Government (KPKT). The Housing Credit Guarantee Scheme mainly assists people without a fixed income to successfully apply for housing loans.
Often these groups do not have salary slips or provident fund statements to prove their ability to repay the loan, so banks will not approve the loan applications of these groups. However, after the SJKP provides credit guarantees, banks will approve loan applications from these groups.
Interested people can select the house they are interested in and submit a loan application to the bank. The bank will review the home buyer’s application documents and submit relevant documents to SJKP to obtain credit guarantee. After SJKP reviews and approves the applicant’s documents, the bank will issue a loan approval letter to the applicant.
It is worth noting that the SJKP scheme provides loan credit guarantees up to RM500,000, while SJKP-MADANI provides loan credit guarantees up to RM360,000. The difference between SJKP-MADANI and SJKP is that SJKP-MADANI provides 120% credit guarantee for home loans, 100% is the house price, and 20% is other expenses of buying a house.
Application conditions:
1. Malaysian citizens aged 18 or above.
2. Only applicable to the purchase of the first self-occupied house.
3. Applicable to newly built, under construction, resale or auction houses.
4. Only for houses not exceeding RM500,000 (including MRTA/MRTT).
5. The monthly mortgage repayment must not exceed 65% of the monthly income.
6. There are no loans in arrears for more than 2 months in the most recent 12-month CCRIS report.
7. No bad credit history in the past 24 months.
8. You can only apply for a mortgage with a maximum term of 35 years or the applicant is over 65 years old, whichever comes first.
9. The down payment must be 3 months of loan payments.
step:
1. Find the house you want to buy and submit a loan application to the bank.
2. The bank will review the application and, if necessary, submit the application to SJKP to obtain credit guarantee.
3. SJKP will review the application.
4. Once the credit guarantee of SJKP is approved, the bank will issue a loan offer (LO) to the borrower.
5. The borrower accepts the bank’s loan offer and successfully purchases the first home.
Required documents:
1. Sales contract/reservation order/deposit payment receipt.
2. 6 months’ bank statements (if any).
3. Latest personal tax return/provident fund statement.
4. Letter of employment.
5. A copy of the applicant’s MyKad.
6. Business registration/license.
7. Other relevant documents
Participating banks:
Agro Bank
Bank Islam
Bank Muamalat
Bank Rakyat
BSN
Maybank
Maybank Islamic
MBSB
RHB Islamic
Affin Bank Berhad
Affin Islamic Bank Berhad
Alliance Bank Malaysia Berhad
Alliance Islamic Bank Malaysia Berhad
AmBank (M) Berhad
AmBank Islamic Berhad
Hong Leong Bank Berhad
Hong Leong Islamic Bank Berhad
