By Chan Wei Chao (REN 39846), Team Leader, Bricksmen Team · IQI Realty Sdn. Bhd. · Updated 24 October 2026
Budget 2027 gives the Housing Credit Guarantee Scheme (SJKP) another RM20 billion in financing guarantees, aimed at about 80,000 first-time homebuyers. The main target is people who have a steady income but no fixed payslip: the self-employed, small business owners, hawkers, online sellers and gig workers who are often turned down for a normal home loan.
This guide explains what SJKP is, who qualifies, how much you can borrow, the documents self-employed buyers need, and which Penang new launches fall within the scheme’s RM500,000 price limit.
SJKP and Budget 2027 at a glance
| Item | Details |
|---|---|
| New allocation | Up to RM20 billion in financing guarantees under Budget 2027 |
| Target | About 80,000 first-time buyers, especially self-employed people and others without a fixed income |
| Track record | Since 2008, SJKP has helped more than 124,000 people buy a home; over 34% were aged 26 to 30 (KPKT, October 2026) |
| Who guarantees | Syarikat Jaminan Kredit Perumahan, under the Ministry of Finance, guarantees the loan so banks can lend to buyers without payslips |
| Where to apply | At a participating bank, like a normal home loan; SJKP does not take applications directly |
Who qualifies for SJKP?
- Malaysian citizens aged 18 and above. Husband and wife can apply together.
- First home only. Every buyer named in the sale and purchase agreement (SPA) must be a first-time homeowner, and the home must be for your own stay.
- Fixed or non-fixed income. Salaried workers qualify, but the scheme is designed for people paid through business income, commission or gig work.
- Income limit. Banks such as Maybank set the limit at RM11,000 a month per person named in the SPA.
- Clean recent credit record. Banks typically look for no CCRIS arrears of more than two months in the past 12 months.
How much can you borrow?
| Feature | SJKP | SJKP MADANI |
|---|---|---|
| Maximum property price or valuation | RM500,000 | Lower ceiling; check with the bank |
| Maximum financing | RM500,000 | RM360,000 |
| Margin of financing | Up to 110% (100% of the price plus up to 10% for legal fees, valuation and insurance) | Up to 120%, which can also cover renovation and furniture |
| Tenure | Up to 35 years or until age 70, whichever comes first | |
| Property | Residential, new or subsale, for your own stay; refinancing is not covered | |
Because the guarantee can cover more than 100% of the price, a qualifying buyer may not need a 10% down payment. The final amount still depends on the bank’s assessment and the valuation.
Documents for self-employed buyers
Requirements vary by bank. Maybank, for example, asks self-employed applicants for:
- MyKad and the property documents (SPA or booking receipt and the developer’s offer letter)
- The latest one year of income tax returns (Form B or BE, or e-filing)
- Six months of business current account statements, or six months of commission statements for commission earners
- One supporting document, such as an EPF statement or the latest financial accounts
Some banks also accept bank statements showing regular deposits, business licences or permits, or an income confirmation letter from a recognised party. Keeping your business income flowing through one bank account for at least six months makes the application much easier.
Step by step
- Check your eligibility on the SJKP website and list two or three participating banks.
- Choose a home priced at RM500,000 or below.
- Book the unit and collect the booking receipt and offer letter.
- Apply for the home loan at the bank with your income documents; the bank asks SJKP for the guarantee.
- Sign the SPA and loan agreement once approved.
First-home buyers can also combine SJKP with the Budget 2027 stamp duty relief, which fully exempts the transfer and loan agreement for first homes up to RM500,000. See our Budget 2027 property guide for details.
Penang new launches within the SJKP price limit
These projects have units listed at RM500,000 or below. Check the exact unit price, as only units within the limit qualify.
| Project | Area | Indicative price | Completion |
|---|---|---|---|
| Taman Harmoni Vista | Teluk Kumbar | RM300,000–RM400,000 | 2027 |
| Grains Residence | Bukit Mertajam | RM318,000–RM641,000 | 2027 |
| Iconic Harmony | Bukit Mertajam | From RM330,000 | 2028 |
| Montview Residences | Bukit Mertajam | RM365,000–RM496,000 | 2027 |
| Laguna Bay Residences | Teluk Kumbar | From RM432,000 | 2027 |
| AndaBreeze Residences | Batu Kawan | RM446,000–RM873,000 | 2030 |
| VERSA | Batu Kawan | From RM453,000 | 2027 |
| Marina Residence 2 | Butterworth | RM464,000–RM656,000 | 2028 |
| Vi Residence | Batu Kawan | RM480,000–RM580,000 | 2030 |
| Maldives Residence | Bayan Lepas | RM498,000–RM550,000 | 2027 |
Affordable-housing units (PN1, PN4 or RMKU) have their own income and eligibility rules on top of SJKP. Use our Penang project filter to see every project with units up to RM500,000, and the DSR calculator to check your loan headroom.
Frequently asked questions
Can I get a home loan without a payslip in Malaysia?
Yes. Under SJKP, the government guarantees part of the loan, so participating banks can lend to self-employed people and others without a fixed payslip, using bank statements, tax returns and business documents as proof of income.
What is the maximum house price for SJKP?
The property price or valuation must be RM500,000 or below, and the maximum financing is RM500,000. SJKP MADANI has a lower financing limit of RM360,000.
Do I need a down payment under SJKP?
Often not. The guarantee allows financing of up to 110% of the property value (120% under SJKP MADANI), which can cover the full price plus some related costs, subject to the bank’s approval.
Is SJKP only for first-time buyers?
Yes. Every buyer named in the SPA must be buying their first home, and the home must be for their own stay.
Self-employed and looking for a first home in Penang?
I can shortlist Penang new launches at RM500,000 or below and connect you with bankers who handle SJKP applications. WhatsApp or call +60 10-313 9113.
Sources
- EdgeProp: Budget 2027, KPKT gets RM6.36b for housing and public infrastructure
- Bernama: KPKT on the RM20 billion SJKP guarantee (15 October 2026)
- SJKP: Government boosts SJKP to help 100,000 Malaysians own homes
- Maybank: Skim Jaminan Kredit Perumahan
- RinggitPlus: How SJKP helps first-time buyers without fixed income
This article is general information based on Budget 2027 announcements, SJKP and bank product pages as of 24 October 2026. It is not financial advice. Eligibility, limits and documents vary by bank and can change; confirm with your bank before applying. Project prices are indicative and depend on availability.