The Malaysian government is taking significant steps to support first-time homebuyers with the Housing Credit Guarantee Scheme under Syarikat Jaminan Kredit Perumahan (SJKP). The scheme will provide government guarantees of up to RM5 billion to benefit a total of 20,000 first-time house buyers. This improvement to the scheme, offering financing guarantees of up to 120%, aims to provide more opportunities for people to own homes.
The financing programme, a joint effort between the Ministry of Local Government Development and the Ministry of Finance, specifically targets individuals with no fixed income, such as gig economy workers, business owners, traders, or small entrepreneurs who aspire to own a house.
The Prime Minister, Datuk Seri Anwar Ibrahim, made this announcement during the launching ceremony of the Madani Economy initiative, stating that the financing guarantee of up to 120% of the house’s price (valued up to RM300,000) will cover all home ownership costs, including the principal amount, legal fees, appraisal, insurance fees, furniture, and renovation costs.
According to SJKP data, the scheme has already approved 6,808 loans as of January 31, and out of this number, 65.11% or 10,945 successful applicants are aged 35 and below. This initiative is expected to provide much-needed support to first-time homebuyers and increase home ownership among young Malaysians.
