PUTRAJAYA, March 23 — The target group of the First Home Scheme (SRP) can obtain financing through the Housing Credit Guarantee Scheme (SJKP) or financial institutions when the SRP is no longer continued.
The Ministry of Local Government Development (KPKT) in a statement today said that although the SRP, which was launched in 2011, was not continued this year, the government through the (Civil) Budget 2023 has agreed to continue funding under the SJKP.
KPKT said in the announcement of the MADANI Budget 2023, the government through Syarikat Jaminan Kredit Perumahan Bhd (SJKP) agreed to provide financing guarantees through SJKP for up to RM5 billion worth of loans that will benefit 20,000 borrowers.
SJKP is one of the Malaysian Housing Financing Initiatives (i-Biaya) launched by KPKT in collaboration with the Ministry of Finance on April 14, 2022, with the aim of increasing home ownership, especially among the B40, M40 and informal sector workers.
“SJKP is a programme that offers housing financing without having to pay an advance (deposit) to those who do not have a fixed income or the gig economy group,” said KPKT.
According to the KPKT statement, a total of 16,808 borrowers have benefited through loans valued at RM2.32 billion from the implementation of the SJKP until last Dec 31.
The SRP program was announced during the 2011 Budget to help young people own their first home. It involves a guarantee fee to Cagamas borne by the government, and Cagamas provides guarantees so that home buyers get higher loan amounts from financial institutions.
The closing date for SRP applications has been set as March 31, 2023.
Throughout the implementation period of the SRP programme, as much as RM19.9 billion worth of financing has benefited 86,708 borrowers.
“Therefore, applicants who belong to the target group involved under the SRP can still get financing through SJKP or financial institutions.
“KPKT will continue to support efforts to help borrowers achieve their dream of home ownership in line with the government’s aspirations and concern for the well-being of the people,” said the ministry.