Housing Credit Guarantee Scheme (SJKP)
• SJKP guarantees to enable buyers with non-fixed, variable incomes to obtain a mortgage.
• SJKP’s guarantee is up to 100% of the purchase price, subject to a maximum financing of RM 400,000.00 (inclusive of MRTA / MRTT)
Target groups :
groups with irregular incomes, such as small traders, farmers, taxi drivers, fishermen, e-hailing drivers (Grab Driver), and others.
– Fixed income from the SME sector such as factory workers, mechanics and others.
Application conditions and criteria:
• Malaysian citizens aged 18 years and above
• There are or auction houses that fall under the low-cost category, are modestly priced, or are affordable to live in for the first-time purchase of a new residential house or ready-made house. (RUMAWIP is definitely included)
• Open to new residential homes or existing homes
or auction house.
• Total repayment of all applicant loans no
more than 65% of gross monthly income.
• There is no outstanding record of CCRIS exceeding 2 months for a period of 12
• No other negative credit records within 24 months.
Product marketing mechanism:
• Through branches of financial institutions that
participate in the SJKP scheme and also the SJKP website.
Participating Banks stated in SKJP
One thing to observe is that there is little to no effort to promote the SJKP loan as there is no info publish for SKJP loan for all the website above, except a similar offering from BSN, BSN MyHome (Program Perumahan Rakyat). Here we can tell banks are reluctant to push on with this program.
Second, in the preceding RUMAWIP project’s bank panels, RHB, Bank Islam, and Bank Muamalat were the only ones engaged. Furthermore, based on RUMAWIP.COM.MY agent historical experiences, only RHB will be ready to receive applications for RUMAWIP projects at the start of the launch, whereas Bank Islam and Bank Muamalat would normally be a bit late.
For the time being, we should temper our expectations in the SKJP programme and wait to see what occurs when the RUMAWIP programme kick start in 2023!