KUALA LUMPUR — Syarikat Jaminan Kredit Perumahan Bhd (SJKP) now guarantees home loans that cover more than 100% of the property price for eligible first-time homebuyers — including costs beyond just the purchase price — easing barriers for those lacking formal income documentation.
Why This Matters
Many individuals — such as ride-hailing drivers, hawkers, online sellers, and small business owners — struggle to access housing loans despite having stable earnings because they cannot produce formal payslips.
Under this initiative, banks may approve financing even without traditional salary records. Scope of the Guarantee
- The maximum coverage limit is RM 500,000
- The guarantee may exceed 100% of the home’s purchase price, and it can include:
- Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT)
- Fire insurance
- Legal and valuation fees
- The guarantee and loan application are managed through participating banks.
Demonstrating Repayment Capacity Without Payslips
Even without payslips, applicants can substantiate their ability to repay the loan using:
- Bank statements
- Tax records
- Employees Provident Fund (EPF) statements
- E-wallet transaction histories
This flexibility opens opportunities for those in the gig economy and informal sectors to access home ownership.
Alignment with National Home Ownership Goals
The Malaysian government has set a target of 70% home ownership by 2030, and initiatives like this guarantee scheme are vital in helping underserved segments achieve homeownership.
SJKP noted that billions of ringgit are allocated annually by the government to sustain the program. As housing demand grows and non-traditional income sources become mainstream, SJKP’s role will continue to expand.
