What is the Alliance SJKP home loan?
The Alliance Skim Jaminan Kredit Perumahan (SJKP) is a government-backed homeownership initiative designed to help first-time buyers purchase their first residential property without a down payment.
Under the SJKP scheme, administered by Syarikat Jaminan Kredit Perumahan, eligible borrowers can finance up to 100% of the property purchase price, plus an additional 5% to cover credit insurance or takaful premiums and entry costs such as stamp duty and legal fees. The maximum financing amount is RM500,000.
This loan is available for both under-construction and completed residential properties.
Are the interest rates fixed or floating?
The Alliance SJKP loan is priced on a floating rate basis, with interest calculated on a daily rest basis and tied to the Standardised Base Rate (SBR), which moves in line with the Overnight Policy Rate (OPR) set by Bank Negara Malaysia (BNM).
Because the rate is floating, your monthly instalment is not fixed for the life of the loan. If the OPR rises, your instalment goes up too. The PDS illustrates this with a RM350,000 loan over 35 years:
| Scenario | Monthly Instalment | Total Interest Paid | Total Repayment |
| Current rate (SBR = 2.75%) | RM1,767 | RM391,891 | RM741,891 |
| If SBR rises by 1.00% | RM1,996 | RM488,179 | RM838,179 |
| If SBR rises by 2.00% | RM2,236 | RM589,119 | RM939,119 |
From the table shown, a 2% OPR increase on a RM350,000 loan adds roughly RM470 to your monthly commitment. Make sure your budget has room for that before committing.
For the exact rate applicable to your application, contact Alliance Bank directly, as the final rate is subject to their credit underwriting assessment.
Am I eligible for SJKP from Alliance Bank?
To qualify for the Alliance SJKP loan, you must meet all of the following criteria:
- Malaysian citizens only
- First-time homebuyer only (no current or previous property ownership)
- Aged 18 years and above at the point of application
- Gross monthly income of RM11,000 or below
- Salaried employees and self-employed individuals are both eligible
- Applications can be made individually or jointly; joint applications are limited to immediate family members only
What are the fees for this home loan?
- Late Payment Charge: 1% p.a. on the outstanding amount
- Advance Payment Withdrawal: RM25 per withdrawal, subject to 8% SST
- Loan Redemption Statement: RM25 per request, subject to 8% SST
- Letter for EPF Withdrawal: RM25 per hardcopy, subject to 8% SST. Free for online self-service
- Ad Hoc Loan Statement: RM2 per request. Free if sent via email or collected at the branch
- Photocopy of Security Documents: RM7 per set. Additional courier charges apply if sent by mail
- Stamp Duty: As per the Stamp Duty Act 1949
- Legal and Disbursement Fees: As charged by the solicitor
- Valuation Fee: As charged by the valuer
For the full and current schedule of fees, refer to Alliance Bank's Fees and Charges page.
Should I take up any insurance or takaful?
All properties financed under this loan must carry fire insurance or takaful coverage. While credit life coverage through MRTA, MRTT, MLTA or MLTT is optional, the bank strongly encourages it.
The good news is that the SJKP loan allows you to finance up to an additional 5% on top of the property price, specifically to cover these premiums and entry costs, so you don't need to pay for them out of pocket at the point of purchase.
Can I make any partial payments before full disbursement?
You can't make prepayments or partial payments (other than the interest servicing amount) until the loan is fully disbursed. This is relevant if you're buying an under-construction property and want to reduce your principal early.
How about advance payments?
If your facility includes a withdrawal feature, any repayment above your monthly instalment counts as an Advance Payment. You can redraw this amount, but only after the loan is fully disbursed. Each redraw costs RM25 (plus SST).
What happens if I miss my monthly payments?
Missing payments carries real financial and legal risk. Late payment charges of 1% p.a. apply on the outstanding amount, and a prolonged default can result in the bank applying a rate of up to 3.00% p.a. above the Prescribed Rate. The bank also reserves the right to deduct from other deposit accounts held with them, commence legal proceedings, or sell the non-performing loan to a third party.
If you anticipate repayment difficulties, contact Alliance Bank's Consumer Collection Department at 03-5516 9988 before the situation escalates. You can also reach AKPK (Agensi Kaunseling dan Pengurusan Kredit) for free credit counselling.
