The Housing Credit Guarantee Scheme aims to help over 100,000 individuals secure homes, with RM23.17 billion already approved for 97,180 buyers
PUTRAJAYA: The Housing Credit Guarantee Scheme (SJKP) aims to help over 100,000 individuals secure their dream homes by the end of this year.
Housing and Local Government Minister Nga Kor Ming said as of September 30, the scheme had approved RM23.17 billion in housing loan guarantees, assisting 97,180 individuals in purchasing their first homes.
“SJKP is designed to assist the B40 and M40 groups, including those without fixed incomes, such as gig economy workers,” he said in a statement.
The scheme provides loan guarantees of up to RM500,000 for the purchase of new homes, subsale properties, and auction units.
Nga also highlighted the introduction of the SJKP MADANI scheme, which aims to ease the financial burden of down payments.
This initiative offers loan guarantees of up to 120% of the property price.
The ‘Step-Up Financing’ option, introduced last year, reduces the initial financial strain on young homebuyers.
“The scheme allows for lower monthly payments in the first three to five years, with incremental increases thereafter,” he said.
The MADANI government has also increased the SJKP financing ceiling by RM10 billion.
This brings the total guarantee value since the scheme’s inception in 2008 to RM40 billion.
Nga added that the ministry will soon engage with Bank Negara Malaysia to encourage all banking institutions to support the programme.
This engagement aims to ensure alignment with the nation’s housing policy.
“KPKT will continue to monitor the implementation of this scheme to maximise its impact,” he said.
“We are not just providing homes, but ensuring a sustainable and inclusive financing system that contributes to the well-being of Malaysians.”
