5 days ago
- Business
- New Straits Times
Bank Muamalat unveils new step-up profit rate package for first-time homebuyers
KUALA LUMPUR: Bank Muamalat Malaysia Bhd has launched a Step-Up Profit Rate (Super) package under the government-backed Skim Jaminan Kredit Perumahan (SJKP).
The new offering, known as Smart Mortgage SJKP Super, is designed for first-time homebuyers, particularly those with informal income or limited credit history.
It provides a more flexible financing solution and offers funding of up to RM500,000, inclusive of mortgage reducing term takaful or mortgage level term takaful, legal fees and valuation fees.
Bank Muamalat president and chief executive officer Khairul Kamarudin said the product builds on the bank's involvement in the SJKP scheme since 2019 and follows the introduction of its smart mortgage offering in 2022.
"This innovative offering is designed to ease the financial burden of homeownership, particularly in the early years of financing.
"Through the Super, 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 in a statement today.
Khairul added that the bank has also introduced the SJKP Madani Step-Up variant, which provides up to 120 per cent financing to further support its customers.
This extended coverage includes not just the home but also renovation, furnishings, and fittings.
"In collaboration with reputable property developers across the country, Bank Muamalat is actively promoting affordable housing projects under the SJKP scheme, expanding opportunities for eligible Malaysians to secure their first homes," added Khairul.
The SJKP programme, established in 2008 and managed by Syarikat Jaminan Kredit Perumahan Bhd, is under the Minister of Finance Inc.
It aims to assist underserved Malaysians, particularly those without fixed or formal income in purchasing their first homes.
Its principal officer Datuk Fazlur Rahman Zainuddin said the programme targets groups such as gig workers, farmers, fishermen, and night-market or petty traders.
"This year, the government has allocated RM10 billion worth of guarantee for 2025, including RM5 billion specifically for the Step-Up financing initiative.
"As of May 31 2025, 88,507 recipients have successfully purchased their first homes through the scheme," said Fazlur.
