"Homeownership is a cornerstone of a strong community." - Rick Renzi

Are you a first-time homebuyer without a down payment? Don't let that dream of homeownership pass you by. The SJKP scheme is a government initiative that can help you buy a house without having to put down any money upfront.

Here are just a few of the benefits of the SJKP scheme:

• No down payment required

• Competitive interest rates

• Long repayment terms

• Available to a wide range of borrowers, including those who are self-employed or have irregular incomes

Introduction

Homeownership is a dream for many Malaysians, but it can be difficult to achieve, especially if you're a first-time homebuyer without a down payment. That's where the SJKP scheme comes in.

The SJKP scheme is a government initiative that provides financing guarantees to help first-time homebuyers without a fixed income obtain a mortgage. This means that you can buy a house with the SJKP scheme without having to put down any money upfront.

This blog post will walk you through the step-by-step process of buying a house with the SJKP scheme without a down payment. We'll also cover some tips to help you increase your chances of getting your loan approved.

With that said, here are Eligibility Criteria & Procedure to apply SJKP !

Eligibility criteria

The first step is to check if you're eligible for the SJKP scheme. To be eligible, you must:

• Be a Malaysian citizen

• Be a first-time homebuyer

• Have a gross monthly income of RM3,000 or more

• Be unable to provide conventional documentation of income, such as payslips or income tax returns

Finding a participating financial institution

Once you've confirmed that you're eligible for the SJKP scheme, the next step is to find a participating financial institution. The SJKP scheme is available through a variety of participating financial institutions, including banks, Islamic banks, and credit cooperatives. You can find a list of participating financial institutions on the SJKP website.

Submitting a loan application

Once you've found a participating financial institution, you can submit a loan application. The loan application process will vary depending on the financial institution, but you will typically need to provide the following information:

• Your personal information (e.g., name, address, contact information)

• Your income information (e.g., payslips, income tax returns)

• Information about the property you want to buy (e.g., purchase price, address)

Providing the necessary documentation

The financial institution will require you to provide certain documentation to support your loan application. This documentation may include:

• Payslips (if you have a fixed income)

• Income tax returns (if you have a fixed income)

• Bank statements

• Letter of employment (if you have a fixed income)

• Proof of homeownership (if you are buying a secondhand property)

Attending a loan interview

Once the financial institution has reviewed your loan application and documentation, they may invite you to attend a loan interview. This is an opportunity for the financial institution to learn more about your financial situation and your needs.

Receiving a loan offer

If the financial institution approves your loan application, they will make you a loan offer. The loan offer will specify the loan amount, interest rate, and repayment terms.

Accepting the loan offer and signing the loan agreement

Once you have accepted the loan offer, you will need to sign the loan agreement. The loan agreement is a legally binding document that sets out the terms and conditions of your loan.

Purchasing the property

Once the loan agreement is in place, you can purchase the property. The financial institution will release the loan proceeds to the seller once the purchase is complete.

Tips for increasing your chances of getting your loan approved

Even though the SJKP scheme is designed to make it easier for first-time homebuyers without a down payment to obtain a mortgage, it's still important to have a good credit history and be able to afford the monthly loan repayments. Here are a few tips to help you increase your chances of getting your loan approved:

• Make sure you meet all of the eligibility criteria.

• Provide the financial institution with all of the required documentation.

• Be honest and transparent about your financial situation.

• Have a good credit history.

• Be able to afford the monthly loan repayments.

Conclusion

Buying a house with the SJKP scheme without a down payment is a great way to achieve your dream of homeownership. By following the steps outlined in this blog post and following the tips above, you can increase your chances of getting your loan approved.

Additional tips

Here are a few additional tips that may be helpful:

• Get pre-approved for a mortgage before you start shopping for a house. This will give you an idea of how much you can afford to borrow and will make you more competitive in the housing market.

• Compare interest rates and terms from different financial institutions before you choose a lender.

• Be prepared to negotiate with the seller.