SJKP AIMS TO HELP OVER 100,000 SECURE DREAM HOMES BY YEAR-END - NGA

PUTRAJAYA, Jan 21 (Bernama) -- 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.

He said as of Sept 30, SJKP 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, many of whom are young people looking to buy their first homes," he said in a statement today.

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 by offering loan guarantees of up to 120 per cent of the property price.

In addition, 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, bringing the total guarantee value since the scheme's inception in 2008 to RM40 billion.

Nga added that the ministry (KPKT) will soon engage with Bank Negara Malaysia to encourage all banking institutions to support the programme, ensuring alignment with the nation’s housing policy.

"KPKT will continue to monitor the implementation of this scheme to maximise its impact. We are not just providing homes, but ensuring a sustainable and inclusive financing system that contributes to the well-being of Malaysians in line with the aspirations of Malaysia MADANI," he said.

-- BERNAMA