For many Malaysians who earn a living as e-hailing drivers, freelancers, hawkers or small traders, the biggest hurdle to owning a home is not the monthly instalment but the missing payslip. The Skim Jaminan Kredit Perumahan (SJKP), or Housing Credit Guarantee Scheme, exists to close that gap. With the government guaranteeing an SJKP home loan, banks can lend to first-time buyers whose income does not fit the usual paperwork.
What is an SJKP home loan?
SJKP is run by Syarikat Jaminan Kredit Perumahan Berhad, a government-owned company. Instead of lending money itself, it guarantees home financing issued by participating banks. The scheme is aimed at people with irregular income who struggle to obtain housing loans through normal channels, including the self-employed, gig workers and micro traders, according to the government’s official MyGOV portal.
6 things to know before you apply
1. There are two schemes with different limits
As of November 2026, the SJKP website lists two options. The original SJKP (HCGS) covers financing of up to RM500,000, including the loan principal, mortgage insurance or takaful, legal fees and valuation fees. SJKP-MADANI covers up to RM360,000 and can also include renovation costs and home furnishings.
2. It is built for people without a payslip
You do not need a salary slip to qualify. SJKP lists the documents it accepts for different types of earners:
- Salaried workers: payslips and an EPF statement
- Traders and service providers: bank statements and a business licence, or a fisherman’s registration card
- Those with non-fixed income: a confirmation letter from an authorised person, such as a Category A government officer, a JKKK chairman, a penghulu or an elected representative, or from a bank branch manager
3. It is for first-time buyers only
Participating banks require applicants to be Malaysian citizens aged 18 and above who are buying their first home to live in. BSN’s SJKP-MADANI product, for example, accepts applicants aged 18 to 65, with a minimum monthly income of RM1,500, who have no existing housing financing with any institution. Some banks set their own income limits: Maybank caps each buyer at RM11,000 a month for its SJKP product.
4. Financing can exceed the property price
SJKP’s guarantee can cover more than 100 per cent of the financing amount, which allows associated costs to be rolled into the loan. How much depends on the bank and the scheme. Maybank offers up to 110 per cent of the property value under SJKP, with no down payment required, while BSN offers a margin of up to 120 per cent under SJKP-MADANI.
5. Repayment can stretch to 35 years
Financing tenure goes up to 35 years, and the scheme also allows two-generation financing. Banks usually add an age limit, so the loan generally needs to be settled by the time the borrower turns 70. Monthly instalments can also change with interest rates, so it is worth keeping an eye on Bank Negara’s latest OPR decision.
6. You apply through a bank, not SJKP
Once you have chosen a property, apply for your SJKP home loan at a branch of a participating bank. The banks listed on the SJKP website include Affin Bank, Agrobank, Alliance Bank, Al Rajhi Bank, AmBank Islamic, Bank Islam, Bank Muamalat, Bank Rakyat, BSN, Hong Leong Bank, Maybank, MBSB Bank and RHB Bank. The bank assesses your ability to repay and makes the final decision, so terms can differ from one lender to another.
A bigger push under Budget 2027
Budget 2027, tabled on 9 October 2026, provides up to RM20 billion in SJKP financing guarantees, expected to benefit about 80,000 first-time homebuyers, particularly young people and those without a fixed income. More than 124,000 Malaysians have obtained home financing through the scheme so far, and over 34 per cent of them were aged between 26 and 30, Bernama reported.
“This is good data and shows that young people can own homes through SJKP,” said Datuk Dr M Noor Azman Taib, secretary-general of the Ministry of Housing and Local Government, speaking on Bernama TV.
Before applying for an SJKP home loan, it helps to check your monthly commitments and gather at least six months of bank statements. Full scheme details and the latest list of participating banks are available on the official SJKP website.
