KUALA LUMPUR: The Housing Credit Guarantee Scheme (SJKP), created to help Bumiputera home buyers secure housing loans, has approved 65,818 loan applications totalling RM14.975 billion.

Housing and Local Government Development Minister Nga Kor Ming said this figure was recorded from 2008 to Aug 31 this year.

Under the SJKP Madani initiative introduced this year, a total of 14,373 applications with loans worth RM3.14 billion have already been approved.

"Through this initiative, the government guarantees a financing cap of up to RM500,000, which includes the principal financing amount, mortgage or takaful premium reduction, legal fees, and valuation fees.

"The financing is available to first-time home buyers, including young people without fixed income or pay slips, such as those in the gig economy.

"This financing is not limited to new homes but also includes existing homes or auctioned properties," he said in a parliamentary written reply to a question from Datuk Seri Hishammuddin Hussein (BN-Sembrong).

Hishammuddin requested information on new mechanisms implemented by the ministry to encourage the purchase of Bumiputera housing lots, as 47 per cent of lots priced between RM500,000 and RM700,000 and 29 per cent priced between RM300,000 and RM500,000 have remained unsold for over three years after completion.

Under the Bumiputera Economic Transformation Plan 2035 (PuTERA35), the government also intends to conduct a study on housing needs, particularly for the Bumiputera community, Nga said.

He said this aligns with the goals of PuTERA35, which is a comprehensive national agenda to develop the Bumiputera economy with a focus on values, ethics, and integrity.

According to the 2022 property transfer report released by the Valuation and Property Services Department (JPPH), a total of 121,997 transfer transactions involving Bumiputera were recorded, with a transaction value of RM34.7 billion, he said.

"This indicates a 14.8 per cent increase in the number of transactions and a 12.5 per cent increase in value for Bumiputera in residential property transactions compared to 106,276 transactions valued at RM30.8 billion in 2021," he said.

https://www.nst.com.my/news/nation/2024/11/1134338/over-65000-sjkp-loans-totalling-rm14-billion-approved