For many Malaysians, owning a home is a milestone that often feels out of reach due to rising entry costs. However, through the Housing Credit Guarantee Scheme (SJKP) and several incentives extended in Budget 2026, the government has made it significantly easier for first-time buyers—including gig workers and young professionals—to secure 100% (or more) financing.
1. Key Benefits: More Than Just a Loan
The modern SJKP is no longer limited to a 100% loan. Depending on the package, buyers can now access:
Up to 120% Financing (SJKP-MADANI): For properties priced up to RM360,000, the loan can cover the purchase price, legal fees, valuation, insurance (MRTA/MRTT), and even renovation costs or furniture.
Standard SJKP (Up to 110%): For properties up to RM500,000, covering the house price and all entry-related costs.
Stamp Duty Exemption: Under the current policy (extended until 31 December 2027), first-time buyers enjoy a 100% waiver on the stamp duty for the Memorandum of Transfer (MOT) and loan agreement for properties priced RM500,000 and below.
2. Are You Eligible?
Unlike previous schemes with strict income caps, the 2026 SJKP focuses on your ability to pay (repayment capacity).
Nationality: Must be a Malaysian citizen.
Age: 18 years and above (the loan tenure can usually last until age 65 or 70).
Income: Open to both fixed-income earners (salaried) and non-fixed income earners (gig workers, freelancers, small business owners).
Financial Health: A Debt Service Ratio (DSR) generally below 65%, with no major outstanding defaults in CCRIS or CTOS.
First-Timer Status: Must be for the purchase of your first residential home for self-occupation.
3. New Personal Tax Relief (Budget 2026 Update)
A major addition for 2026 is the Personal Tax Relief on housing loan interest. First-time buyers who sign their Sale and Purchase Agreement (SPA) before the end of 2027 can claim:
Up to RM7,000 per year for homes priced up to RM500,000.
Up to RM5,000 per year for homes priced between RM500,001 and RM750,000. This relief is available for three consecutive years from the first year of interest payment.
4. How to Apply
The process has been streamlined through "i-Biaya," the government’s integrated financing platform.
Check Credit Health: Verify your score via CTOS or Bank Negara's CCRIS.
Select Your Property: SJKP applies to new projects, sub-sale homes, and even auction properties.
Submit to Participating Banks: You can apply through major institutions like BSN, Maybank, CIMB, Bank Rakyat, and Bank Muamalat.
Wait for Approval: Processing typically takes 2 to 4 weeks, during which the bank and SJKP Berhad will verify your credentials.
Conclusion
The 2026 landscape for first-time buyers is highly supportive. By combining the SJKP-MADANI 120% loan with the extended stamp duty exemption and the new tax relief, the upfront cash barrier has been virtually eliminated for many.
