PETALING JAYA: The Indian community should take advantage of the housing credit guarantee scheme (SJKP) to improve access to home ownership, says MIC president Tan Sri SA Vigneswaran.
He said the initiative follows Prime Minister Datuk Seri Anwar Ibrahim’s briefing to senators on the 13th Malaysia Plan, which outlined targeted financial support for the Indian community under various schemes.
Among the allocations announced were RM972mil under the Social Assistance and Recovery Assistance (Sara/STR) programmes, RM600mil for the Business Financing Guarantee Scheme administered by Syarikat Jaminan Pembiayaan Perniagaan (SJPP), and RM2.5bil under the Housing Credit Guarantee Scheme (HCGS) through SJKP.
The SJKP scheme, set up in 2007, aims to help Malaysians, particularly those without fixed incomes such as the self-employed and gig workers, secure financing for their first homes.
In 2023, the scheme was enhanced with a RM5bil allocation and a higher financing limit of up to RM500,000, making it easier for first-time buyers to access loans.
So far, bumiputra applicants have received RM17.2bil in guarantees under the scheme, while the Chinese community has benefitted from RM1.68bil.
“The Prime Minister has made it clear that this scheme is crucial in increasing home ownership.
"It is now up to us as a community to ensure that Indian families make full use of it,” Vigneswaran said on Monday (Aug 25).
He added that MIC would mobilise its branch leaders to raise awareness, guide applicants, and help them navigate the process to maximise the scheme’s benefits.
The scheme provides financing of up to RM500,000, covering not just the cost of a property but also legal fees, valuation and mortgage insurance.
Its flexible criteria are tailored to support first-time buyers, especially those with irregular income streams.
Vigneswaran said encouraging greater participation in the scheme would not only improve housing stability for Indian families but also strengthen the community’s role in Malaysia’s socio-economic development.
“MIC stands ready to work with the government to ensure that these benefits reach the grassroots, alongside other assistance programmes that provide relief and open up economic opportunities,” he said.
