13th July 2026 - 4 min read
Bank Simpanan Nasional (BSN) now offers home financing to foodpanda riders and other gig workers who want to buy their first home. The financing goes up to RM360,000, and the government backs it through a guarantee scheme called Syarikat Jaminan Kredit Perumahan (SJKP).
BSN has teamed up with foodpanda Malaysia to make the paperwork easier for riders. If you ride for foodpanda, you can use documents from the platform as your proof of income, such as a letter confirming you work there and records of your payments. You do not need a payslip.
If you do gig work for other platforms, you can still apply. You just need to show your own proof of income, such as bank statements that show money coming in regularly. Keep your statements neat for at least six months before you apply, so the bank can see how much you earn.
BSN offers this financing through two plans, BSN MyFirstHome-i and BSN MyHome-i SJKP-MADANI. Both are Islamic financing products. Both charge a profit rate of SBR + 1.60%, and both give you up to 35 years to pay.
The main difference is how much you can borrow. Here is how the two plans compare, based on BSN’s product pages:
| Feature | BSN MyFirstHome-i | BSN MyHome-i SJKP-MADANI |
| Financing amount | RM25,000 to RM300,000 | RM25,000 to RM360,000 |
| Margin of financing | Up to 110% | Up to 120% |
| Financing tenure | Up to 35 years | Up to 35 years |
| Profit rate | SBR + 1.60% | SBR + 1.60% |
A margin above 100% means you can borrow more than the price of the house. The extra money pays for things like lawyer fees, valuation fees, and takaful contributions. This means you need less cash saved up before you buy.
You must be a Malaysian citizen, aged 18 to 65 when you apply, and the financing must end before you turn 70. You need to earn at least RM1,500 a month, and this must be your first house. You also cannot have any other home financing with any bank, and you cannot be bankrupt.
The scheme is open to gig workers, self-employed people, and people with regular salaries. The SJKP-MADANI plan also accepts contract and temporary staff in government departments and agencies who cannot get civil servant housing financing under LPPSA. The government has set aside RM500 million under Budget 2026 for this group.
Borrowing more than the price of your house solves a big problem for first-time buyers, which is not having enough savings for the deposit and fees. With a margin of financing above 100%, you borrow more than what the house costs. For example, a 120% margin on a RM300,000 house means you could borrow up to RM360,000, and the extra RM60,000 pays for lawyer fees, valuation fees, and takaful contributions.
The downside is that you pay profit on the full RM360,000, including the RM60,000 on top of the house price, for up to 35 years. Spreading the payments over 35 years makes each monthly payment smaller, but you also pay profit for more years, so the total amount you pay by the end is bigger.
The government guarantee also does not mean automatic approval. BSN will still check your CCRIS record, which shows all the financing and credit cards you hold with banks in Malaysia and whether you have been paying them on time. Under SJKP’s rules, your total monthly debt payments, including this new financing, generally cannot be more than 65% of your monthly income.
Do note that if you miss a payment, BSN charges a late payment fee of up to 1% per year on the amount you owe. If your income goes up and down a lot, plan your financing around your slower months so you can always pay on time.
You can use the calculator on BSN’s product pages to estimate your monthly payments before you decide. To learn more about how the government guarantee works, read our guide on how SJKP helps first-time buyers without fixed income.
Follow us on our official WhatsApp channel for the latest money tips and updates.
As a creative content writer, Eloise has covered finance, business, lifestyle topics, and even moonlights as a singer-songwriter outside of RinggitPlus. Her current interests are learning the best ways to optimise spending and credit card hacks to gain more airline miles.
Comments (0)