Over RM20b housing credit guarantee approved since 2008—deputy housing minister

• Datuk Aiman Athirah Sabu: For the low-income (B40) and middle-income (M40) groups, the government provides SJKP financing guarantees of up to RM500,000 for the purchase of a first home, whether new, existing or auctioned.

KUALA LUMPUR (Aug 26): A total of RM20.9 billion in financing guarantees under the Housing Credit Guarantee Scheme (SJKP) has been approved involving 88,507 applications since its implementation in 2008 up to May 31 this year.

Deputy Housing and Local Government Minister Datuk Aiman Athirah Sabu (pictured) said the fund was increased by RM10 billion this year, bringing the overall allocation to RM30 billion.

“For the low-income (B40) and middle-income (M40) groups, the government provides SJKP financing guarantees of up to RM500,000 for the purchase of a first home, whether new, existing or auctioned,” she said.

She was replying to a question from Senator Datuk Koh Nai Kwong on measures to assist youths struggling to buy homes due to high prices, during the question-and-answer session in Dewan Negara on Tuesday.

Aiman Athirah said the rent-to-own scheme, especially for the People’s Housing Programme and Residensi Rakyat Programme overseen by the ministry, has also been implemented in Kedah, Kelantan, Penang, Negeri Sembilan, Selangor, Terengganu and the Federal Territory of Kuala Lumpur to expand access to affordable housing.

She said the Step-Up Financing concept, which allows lower repayments in the first five years before rising gradually, was also introduced to help young buyers.

In addition, the Home Ownership Campaign 2.0 has been extended until Dec 31, offering first-time house buyers a stamp duty exemption for properties priced up to RM500,000.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.