Owning a home has long felt out of reach for many young Malaysians, especially gig workers without fixed incomes. But thanks to the Housing Credit Guarantee Scheme (SJKP), that dream is becoming a reality for thousands.

Since it began in 2008, the scheme has helped over 93,000 Malaysians buy their own homes, with total loan guarantees reaching RM22.1 billion as of July 31. Most of these homes — nearly 67% — are priced below RM300,000, making them accessible to young families and first-time buyers.

So, how does it work? Basically, the government acts as a guarantor — covering up to 120% of the loan amount — for those who might not have the typical payslips or proof of income that banks usually require. This means gig workers, freelancers, and others with irregular income can still qualify for a home loan, as long as they’re not blacklisted by any financial institutions.

Under Budget 2026, the government has boosted SJKP’s allocation by RM10 billion, aiming to help another 80,000 Malaysians get their first home. On top of that, the stamp duty exemption for first-time buyers has been extended until December 31, 2027, offering savings of up to RM10,000 for homes priced RM500,000 and below.

Housing Minister Nga Kor Ming also shared that Malaysia’s homeownership rate now stands at a healthy 76.5%, reflecting steady growth in the property sector. The government continues to push for affordable options through PR1MA homes (around RM300,000) and Rumah Mesra Rakyat units (around RM75,000, with a RM20,000 subsidy).

With these initiatives, the path to owning a home is looking a lot brighter for young Malaysians chasing their first set of keys.

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