Cagamas to introduce scheme for homebuyers without fixed incomes

KUALA LUMPUR (Sept 10): Cagamas Bhd is mulling the roll out of a new scheme targeting homebuyers who do not have fixed incomes, said its president and CEO Datuk Chung Chee Leong (pictured).

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The growing gig economy in Malaysia has offered new job opportunities to many, but the majority of them also faced difficulties in securing a loan to purchase a property as they couldn’t provide documents that showed their financial stability.

“We are coming up with another scheme to facilitate these non-fixed income earners and those still employed but with reduced income.

“For example, Grab drivers where income fluctuates monthly. We are looking at how to help this group of borrowers to get their first homes,” said Chung at a media conference after the launch of Cagamas Digital Skim Rumah Pertamaku (SRP).

“Perhaps, these people can start with the Rent-to-Own (RtO) scheme for two to three years first before they are [financially] stable enough to purchase their first homes. But this scheme and other schemes to help first-time homebuyers are still under discussion.”

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