This is a conventional and Islamic special housing loan scheme under the Housing Guarantee Scheme by Syarikat Jaminan Kredit Perumahan Berhad (SJKP). SJKP will stand guarantee for banks that provide housing loans to approved eligible applications.
This housing loan scheme aims to assist fixed income and self employed Malaysians to purchase their house for own occupation. Eligible properties shall be restricted to residential properties that are low cost, low medium cost and medium cost. Refinancing is prohibited.
a) Qualifying Criteria :
1. Malaysian citizen not less than 18 years old
2. Fixed and non-fixed income earner of at least RM1,000 monthly
3. Purchase of low cost / low medium cost / medium cost for owner occupied
4. Residing within 20 km radius from the branch for which the application is made
5. For single debt-housing financing facility payment, the debt service ratio must not exceed 40% of the gross income earned.
6. For those having other commitments, the total debt service ratio must not exceed 65% of total declared income.
b) Loan Structure :
- Loan amount : Maximum up to RM100,000
- Property value : Minimum RM35,000
- Margin of Finance (MOF) : Up to 100% inclusive of mortgage reducing term
assurance (MRTA) or mortgage reducing term takaful (MRTT)
- Interest Rate : at BLR
- Tenure : Maximum 40 years or up to age 65, whichever is earlier.
- Retention : a) Applicable to settlements within 5 years from date of full disbursement
b) Penalty amount
- 5% of original loan amount if redeemed within 3 years
- 3% of original loan amount if redeemed after 3 years but within 5 years
- MRTA : Compulsory
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