KUALA LUMPUR: The Housing Credit Guarantee Scheme (SJKP) aims to help over 100,000 individuals own their first homes by the end of this year, with RM40bil in financing guarantees available for applications.
Housing and Local Government Minister Nga Kor Ming said that the government had increased the guarantee financing ceiling by RM10bil in 2025, bringing the total value of guarantees since the scheme’s introduction in 2008 to RM40bil.
"The scheme is specifically targeted at the B40 and M40 groups, including those without fixed incomes or payslips, such as gig economy workers, who are mostly young people seeking to purchase their first homes.
"SJKP provides financing guarantees of up to RM500,000 for first-home purchases, whether new, existing or auctioned properties,” he said in a statement on Wednesday (Jan 21).
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As of Sept 30, 2025, he said that SJKP has approved some RM23.17bil in housing loan guarantees benefiting 97,180 individuals.
To make down payments easier, he said that the scheme also offers financing guarantees of up to 120% of the property price.
He added that a new “Step-Up Financing” facility, introduced from 2025, aims to reduce the initial financial burden on young homebuyers.
"Under this mechanism, monthly instalments will be lower for the first three to five years before increasing gradually according to the agreed schedule," he said.
He also said that the ministry will engage with Bank Negara Malaysia soon to encourage greater participation from all financial institutions in implementing the scheme, in line with the national housing policy.
