Share
- Through the SMART Mortgage SJKP Super, Bank Muamalat is providing a more inclusive and flexible home financing solution tailored for first-time homebuyers, especially those with informal income or limited credit history.
KUALA LUMPUR (July 25): Bank Muamalat Malaysia Bhd is the first bank in Malaysia to introduce a Step-Up Profit Rate (Super) package under the Housing Credit Guarantee Scheme (SJKP), a government-backed initiative aimed at expanding affordable homeownership among underserved communities.
Through the SMART Mortgage SJKP Super, Bank Muamalat is providing a more inclusive and flexible home financing solution tailored for first-time homebuyers, especially those with informal income or limited credit history.
The product, introduced in 2022, further strengthens the bank’s involvement in SJKP since 2019.
In a joint statement with Syarikat Jaminan Kredit Perumahan Bhd (SJKP Bhd), Bank Muamalat president and chief executive officer Khairul Kamarudin said the innovative offering is designed to ease the financial burden of homeownership, particularly in the early years of financing.
“Through the Step-Up Profit Rate, customers benefit from lower monthly instalments for the first five years, giving them breathing room to manage other financial obligations or build their savings,” he said.
Meanwhile, SJKP Bhd principal officer Datuk Fazlur Rahman Zainuddin said that for 2025, the government has allocated RM10 billion worth of guarantees to enable financial institutions to extend financing to the target groups, including a RM5 billion allocation for step-up financing.
“We have managed to assist 88,507 recipients of the scheme who purchased their first homes as of May 31, 2025,” he added.
Eligible customers will also enjoy improved cash flow management during the construction period with profit-servicing-only payments, as this approach not only lightens financial commitments but also enables customers to build stronger credit profiles as they advance in their careers.
The SMART Mortgage SJKP Super offers financing of up to RM500,000, inclusive of Mortgage Reducing Term Takaful or Mortgage Level Term Takaful, legal fees, and valuation fees.
“It is specifically designed for first-time homebuyers, particularly from the underserved or informal income segment, in line with the government’s aspiration to promote inclusive financial access,” the statement said.
To further support the rakyat, Bank Muamalat also offers the SJKP Madani Super variant, which provides up to 120% financing, includes additional coverage for renovation, home furnishings, and fittings — offering a holistic and practical solution to help customers own and settle into their homes comfortably.
Bank Muamalat is actively promoting affordable housing projects under the SJKP scheme in collaboration with reputable property developers nationwide, expanding opportunities for eligible Malaysians to secure their first homes.
Does Malaysia have what it takes to become a Blue Zone, marked by health and longevity? Download a copy of EdgeProp’s Blueprint for Wellness to check out townships that are paving the path towards that.
