What do I need to know about Maybank Skim Jaminan Kredit Perumahan (SJKP)?
The Maybank SJKP (Skim Jaminan Kredit Perumahan) is a government-backed first-time home buyer scheme with two packages which are Skim Jaminan Kredit Perumahan (SJKP) and Skim Jaminan Kredit Perumahan - MADANI (SJKP MADANI). Both packages are available for individuals with a maximum income of RM11,000 per person through both Conventional and Shariah-compliant Islamic Financing options.
The SJKP package offers up to 110% financing (max RM500,000), covering the property value plus related expenses like MRTA/MRTT and legal fees. For greater assistance, the SJKP MADANI package provides up to 120% financing (max RM360,000), which also includes coverage for renovation and furnishing costs.
How do I meet the requirements for this Maybank loan?
This Maybank home loan is designed especially for those with an income of less than RM5,000 a month. For joint borrowers, say you want to get a loan with your wife or husband, your total monthly income shouldn't exceed RM11,000.
Other than that, the property that you are planning to finance must be your first home and not used for investment purposes such as renting out to other people. To fully own it, you must live in it!
What is the range of financing amount?
With 100% margin of financing, you can borrow up to the whole selling price of your new home, subject to a minimum borrowing amount of RM100,000 up to a maximum of RM400,000. You won't have to save up for a downpayment, just make sure you pay your monthly instalments.
Is there a lock-in period and early settlement fee?
Yes and no. If you're taking up conventional home loan, there's a lock-in period of 3 years. On the other hand, if you take up an Islamic mortgage, you won't be subjected to one . Since there's lock-in period of 3 years for a conventional mortgage, you are not advised to settle the loan early as you will be charged an early settlement fee.
Do I need to buy insurance or takaful for my house?
It is compulsory for you to purchase fire insurance or fire takaful. In addition to that, the Mortgage Reducing Term Assurance (MRTA) is also compulsory in order to be approved for this housing loan.
