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SJKP: 86.43% of Loan Applications Approved for Youth Group

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KUALA LUMPUR, Dec 7 (Bernama) — A total of 26,645, or 86.43 per cent, out of 30,841 loan applications were approved for the youth under the Housing Credit Guarantee Scheme (SJKP) from 2008 till Sept 30 this year.

Deputy Local Government Development Minister Akmal Nasrullah Mohd Nasir said the SJKP provided RM5 billion in loan guarantees, and under the MADANI Economy framework, it was further enhanced with an additional fund of up to RM5 billion.

“Under Budget 2024, the government also agreed to increase the loan guarantee up to RM10 billion.

“This financing is for first-time homebuyers, including youth who do not have a fixed income or salary statement, such as those in the gig economy. However, the financing is not limited to purchases of new homes only, but includes existing homes or those on auction,” he said during the question-and-answer session in the Dewan Negara today.

READ: How to apply for the Housing Credit Guarantee Scheme and what are the eligibility requirements

He said this in response to a question from Senator Prof Tan Sri Dr Mohamed Haniffa Abdullah who wanted to know the strategies and measures undertaken by the Local Government Development Ministry (KPKT) to increase homeownership among the youth as well as ease their burden of rental costs to suit the current standard of living.

In the meantime, Akmal Nasrullah said that until Oct 31, a total of 162 People’s Housing Projects (PPR), under KPKT’s supervision, had been completed involving 100,696 housing units.

“Based on records, until 2022, of the 8,382 PPR rented and rent-to-own (RTO) housing units that have been filled, the highest category of heads of household is between the ages of 31 and 40, which is 35.90 per cent or 3,013 people,”he said.

“Meanwhile, as many as 41,675 units, or 65 per cent of the 64,115 Rumah Mesra Rakyat housing units that have been built, are owned by youths,” he said.

As for housing units under Syarikat Perumahan Negara Berhad, he said until Oct 30, the group owns 17,895 units out of the total 25,708 units sold.

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