Many Malaysians assume that getting a housing loan is difficult without a fixed monthly salary or payslip. This is especially common among freelancers, small business owners, online sellers, Grab drivers and other self-employed individuals.
But having no payslip does not automatically mean you cannot qualify for a housing loan. Banks may consider alternative proof of income, and one option worth exploring is the government's Skim Jaminan Kredit Perumahan (SJKP), also known as the Housing Credit Guarantee Scheme.
What Is SJKP and What's New in Budget 2027?
SJKP is a government-backed housing loan guarantee scheme designed to help eligible first-time homebuyers obtain financing from participating financial institutions.
Under Malaysia's Budget 2027, announced on 9 October 2026, the government announced housing financing guarantees of up to RM20 billion through SJKP, with the aim of helping approximately 80,000 first-time homebuyers, particularly self-employed individuals without fixed incomes.
SJKP is not a new programme, but the Budget 2027 announcement highlights continued support for buyers who may face difficulties meeting traditional mortgage documentation requirements.
One important point to understand is that SJKP does not provide loans directly to homebuyers. Housing loans are issued by participating banks, while SJKP provides the government-backed guarantee.
Buyers are still responsible for their monthly repayments, and the bank makes the final decision on whether to approve the loan.
Who Is Eligible for SJKP?
According to the official SJKP guidelines, the scheme is available to Malaysian citizens aged 18 and above, including both fixed-income employees and self-employed individuals.
Applicants must be purchasing their first residential property for owner-occupation. Eligible properties include newly completed homes, properties under construction, subsale properties and auctioned residential homes.
The scheme also specifies several financial requirements:
- Total repayments for all loans must not exceed 65% of the applicant's gross monthly income.
- CCRIS records must not show more than two months of arrears within a 12-month period.
- Applicants must have no other adverse credit records within the preceding 24 months.
Joint financing is also allowed, subject to the applicable requirements.
These are the scheme's basic eligibility conditions. Participating banks may conduct further assessments before approving financing.
What Documents Do You Need Without a Payslip?
For self-employed applicants, being able to demonstrate a consistent income stream is important, even without a conventional salary slip.
The official SJKP documentation guidelines list the following supporting documents, depending on the applicant's circumstances:
- Latest six months' bank or deposit account statements, if available.
- Latest income tax return or EPF statement.
- Employment confirmation letter, where applicable.
- Business licence, fisherman's registration card or taxi permit, whichever is applicable.
- Declaration letter confirming self-employment or income stream.
- Copy of the applicant's identity card and relevant property purchase documents.
For the declaration letter, SJKP specifies that it must be confirmed by an authorised party, such as JKKK, a Category A government servant, Penghulu, Ketua Kampung or bank branch manager.
Not every document applies to every applicant. The participating bank may request additional information based on the applicant's employment and financial circumstances.
For example, someone operating an online business may receive regular customer payments through a bank account without drawing a fixed monthly salary. Keeping proper transaction records and relevant income documents can help the bank assess the application.
Why Can a Housing Loan Still Be Rejected?
Although SJKP provides a government-backed guarantee, loan approval is not automatic.
Banks still review an applicant's income, existing debts, credit history and repayment capacity. Someone earning a reasonable income may still face difficulties if they already have substantial commitments, such as car loans, personal loans or other financing obligations.
The same applies to salaried employees. Having a permanent job and regular payslips does not guarantee that a bank will approve the amount requested.
This is why it is helpful to understand your borrowing capacity before committing to a property purchase.
Buying Your First Home in Penang: Check Your Financing First
If you are planning to buy your first property in Penang, I generally recommend understanding your financing options before spending too much time viewing properties.
Some buyers have steady business income but are unsure how to demonstrate it to the bank. Others have fixed salaries but may qualify for a lower loan amount because of existing financial commitments.
Knowing your financing position helps you establish a realistic budget and shortlist properties that suit your circumstances.
Whether you are considering a new development, subsale condominium or landed home in Penang, remember that monthly mortgage instalments are only part of the cost of homeownership.
Maintenance fees, insurance, utilities and everyday living expenses should also be considered.
Just because a bank is willing to lend a certain amount does not necessarily mean you should borrow the maximum available.
How Do You Apply for SJKP?
SJKP applications are made through participating financial institutions rather than directly through the government.
You can refer to the official SJKP website for the current list of participating banks and relevant scheme information.
It is worth discussing both conventional housing loan options and SJKP financing with a mortgage banker to understand which may be suitable for your circumstances.
Planning to Buy Your First Home in Penang?
If you are self-employed, work as a freelancer or earn an irregular income, don't assume that homeownership is out of reach simply because you do not have a payslip.
Start by organising your financial records, reviewing your monthly commitments and checking your potential housing loan eligibility.
As a Penang property consultant, I can help you explore suitable properties based on your needs and budget. If you require further financing guidance, I can also assist in connecting you with a mortgage banker for an initial assessment of conventional housing loans or SJKP financing.
Li Hwa
Penang Property Consultant | Li Hwa Property
WhatsApp: +60 17-209 3413
Information is based on publicly available SJKP guidelines and Malaysia's Budget 2027 announcement as of 15 October 2026. Financing eligibility and approval remain subject to the applicable scheme conditions and participating financial institutions.
