Explaining SJKP Financing to Your Buyer in 3 Minutes
How to sound confident, credible, and close faster when your client says, “But I don’t have payslips.”
1. The Reality: Most Buyers Don’t Qualify the Normal Way
Every agent has heard this before:
- “My income is okay, but I don’t have payslips.”
- “I’m self-employed — can I still get a loan?”
- “The bank rejected me because I don’t have EPF.”
In Malaysia, nearly 40% of working adults are in the gig or self-employed category — riders, freelancers, small traders, grab drivers, and part-timers. They earn money, but not in a way the bank system can easily verify.
That’s exactly why SJKP exists.
2. What SJKP Really Is (In Simple Terms)
SJKP stands for Skim Jaminan Kredit Perumahan, or the Housing Credit Guarantee Scheme. It’s not a loan, but a government guarantee that helps the bank say “yes” when the buyer can’t show normal income proof.
In short:
“The bank gives the loan, and SJKP guarantees it.”
It was created by the Ministry of Finance, run through participating banks like Maybank, BSN, CIMB, and others, to make sure self-employed Malaysians can still buy their first home safely and legally.
3. How to Explain It to a Buyer (The 3-Minute Script)
When your client asks “What is SJKP?”, here’s the simple way to explain it — without sounding like a banker:
Step 1: Start With the Problem
“Normally, banks reject people without payslips because they can’t prove monthly income. SJKP solves that.”
Step 2: Explain the Solution
“The government acts as a guarantor — if you can afford the instalment but don’t have payslips, the bank will still approve your loan because SJKP covers the risk.”
Step 3: Summarise the Benefits
- You can get up to 120% financing (covers deposit and legal fees).
- No guarantor needed.
- Fixed or variable rates depending on the bank.
- No hidden charges — just a normal bank loan process.
- Only for Malaysians buying their first home.
That’s it. Keep it short, confident, and human — the buyer will understand in under 3 minutes.
4. Quick Facts Agents Should Know
| Item | Details |
|---|---|
| Who Qualifies | Malaysians (21–60 years old), self-employed or informal income earners, first-home buyers. |
| Income Range | Usually ≤ RM10,000 household income (check bank’s own criteria). |
| Maximum Financing | Up to 120% of property price (loan + fees). |
| Property Type | New or subsale residential property (landed or strata). |
| Loan Tenure | Up to 35 years or until age 65. |
| Participating Banks | Maybank, CIMB, BSN, Bank Islam, Bank Rakyat, Agrobank, Affin Bank, Hong Leong, and others. |
| Key Limitation | Must not own any other property. |
5. How to Help Your Client Apply (As an Agent)
- Shortlist eligible projects — usually properties below RM500,000.
- Prepare supporting documents:
- IC copy
- Utility bills
- Bank statements (6 months)
- Business registration or income proof (if any)
- Introduce them to an SJKP-partner bank officer — many banks have a dedicated SJKP desk.
- Follow up with empathy, not pressure.
- SJKP cases take longer because they go through both bank and SJKP verification.
6. Common Myths You Can Correct Immediately
| Myth | Reality |
|---|---|
| “SJKP is for low-income only.” | False — it’s for non-salaried income, not necessarily low income. |
| “The government gives the loan.” | False — banks give the loan; SJKP just guarantees it. |
| “Process very hard.” | False — paperwork is simple once income documents are clear. |
| “You must buy government houses.” | False — SJKP applies to any eligible residential project approved by participating banks. |
7. Why Agents Should Master This Pitch
- It makes you stand out instantly among agents who only talk about price and commission.
- It opens a new buyer segment — self-employed Malaysians who were previously unbankable.
- It strengthens your closing rate, especially in the affordable housing market (RM250k–500k range).
- It positions you as a trusted advisor, not just a salesperson.
- With ListingMine CRM, you can even tag buyers as “SJKP-eligible” and share matching listings within your group — helping more people buy with less rejection.
8. Example Dialogue You Can Use
Buyer: “Bank won’t approve me — I don’t have payslips.”
Agent: “There’s a government program called SJKP. It helps self-employed people like you get housing loans. The bank still gives the loan, but the government guarantees it. I can connect you with the right banker to check your eligibility — it takes 10 minutes.”
Simple, calm, and confident. That’s all you need.
Conclusion
SJKP is not a secret — it’s just under-explained. When you can explain it clearly in under three minutes, buyers trust you, and banks respect you.
For agents, this is more than financing knowledge — it’s a competitive advantage in the affordable housing sector. With more Malaysians working outside formal employment, understanding SJKP could make you the go-to agent who helps ordinary people achieve extraordinary things: owning their first home.
