SSB is now open for inquiries.
For seniors who own homes, the Cagamas has developed a Skim Saraan Bercagar (SSB) programme!
The SSB is a Cagamas-sponsored programme. Seniors who own a home can use the SSB to apply for a loan from the appropriate authorities at the current house price, and then get a monthly payment to finance their retirement living. The yearly interest rate on the SSB loan is 5% of the debt, with a one-time waiver of recourse charge of 1.75 percent of the original dwelling price.
To put it another way, this is a housing pension plan that allows retirees who own a home to utilise it as a mortgage and then earn a monthly living allowance until they die. Before the applicant’s descendants may claim the house back, they must pay the loan to the appropriate authorities.
Inquiries and applications can be sent to the KWSP by interested parties. At this time, only residents of the Klang Valley are eligible to apply. Visit https://www.ssb.cagamas.com.my/ for more information.
Application conditions
1. Malaysian citizens aged 55 years or above.
2. For individual or joint houses.
3. Existing residence only.
4. The mortgage has been paid.
Application steps
Step 1: Make an appointment with the KWSP.
Step 2: Provide relevant documents for eligibility.
Step 3: Interview and counsel with Agensi Kaunseling & Pengurusan Kredit (AKPK).
Step 4: Carry out the procedures related to the reverse mortgage pension plan.
Step 5: Submit all information to Cagamas.
