A total of 93,231 applications under the Housing Credit Guarantee Scheme (SJKP) have been approved as of July 31, with government-backed financing guarantees reaching nearly RM22.14 billion, housing and local government minister Nga Kor Ming announced today.
Calling it the highest approval rate ever recorded, Nga said that 67% of the recipients were first-time buyers of homes priced below RM300,000, aligning with the government’s affordable housing agenda.
“The majority of approvals went to the B40 group, which is the main target of the scheme,” he said in a statement. “The ministry also plans to expand this initiative to targeted groups through rent-to-own financing under SJKP.”
The update was among matters discussed at the National Affordable Housing Council meeting chaired by Prime Minister Anwar Ibrahim today, where the government also reviewed the drafting of a new housing act and Malaysia’s housing ecosystem.
SJKP is designed to help individuals without fixed incomes, such as gig workers and small traders, secure home financing by providing government guarantees when they cannot qualify for conventional loans.
Nga added that his ministry is actively engaging stakeholders to draft new laws, including the Residential Tenancy Act, and to amend existing legislation such as the Housing Development (Control and Licensing) Act 1966 and the Strata Management Act 2013.
On the Rumah Mesra Rakyat (RMR) programme, he said the target will be raised to 10,000 units annually, involving partnerships with private firms, government agencies, and NGOs. Currently, 13,502 applications are still pending approval.
Regarding affordable homes under the 13th Malaysia Plan, Nga said that as of June 30, 98.8% (493,874 units) had been completed, with the remaining 6,126 units expected to be delivered by year’s end.
He also underscored the need for financial literacy among target groups to boost access to financing and improve money management practices.
