First Home Scheme Malaysia 2026: Zero Downpayment Options

Updated 5 September 2026 against official sources (see the notes marked in the article).

Walaoeh! You look at the property prices in KL and Selangor, you want to cry right? A simple condo is RM 500,000. A landed house? Forget about it.

Welcome to 2026. The biggest barrier to owning a home in Malaysia is not the monthly repayment—it is the 10% Downpayment. For a RM 500k house, you need RM 50,000 cash upfront. If your salary follows our Average Salary 2026 Guide, saving RM 50k might take 5 to 10 years. By then, the house price has gone up to RM 700k. Walaoeh!

But wait. There is a “Cheat Code”. Did you know you can legally buy a house with RM 0 Downpayment? It is called the SJKP Housing Credit Guarantee Scheme (and, historically, Skim Rumah Pertamaku / SRP). The government guarantees part of the loan so the bank can lend more than it normally would. As of September 2026 it could not be confirmed from Cagamas or the Ministry of Finance that SRP is still accepting new applications — check cagamas.com.my directly. What is confirmed is that SJKP MADANI continues under Budget 2026 with a government guarantee of up to 120% and an RM 20 billion allocation.

In this Ultimate 2500-word Property Guide, we reveal the secrets of Full Loan House Malaysia. We explain the difference between SRP and SJKP, calculate the real cost of 0% downpayment (monthly installment will be painful!), and expose the hidden fees nobody tells you about.

Zero depositThe schemeWho backs it

Yes, but it comes with conditions. Here is the snapshot for the Skim Rumah Pertamaku 2026.

(Still renting? Check our Rent vs Buy Calculator to see if you should commit to a 35-year debt!)

Status check first: as of September 2026 it could not be confirmed from Cagamas or the Ministry of Finance that SRP is still accepting new applications — check cagamas.com.my before relying on the terms below. Skim Rumah Pertamaku (SRP) was launched to help young adults buy their first home without the burden of a downpayment. Under this scheme, Cagamas guarantees the 10% downpayment that you are supposed to pay. This means the bank lends you 100% of the property value.

1. Nationality: Malaysian citizen.
2. Age: Under 40 years old (Some banks extended to 45).
3. Property: Must be your First Home.
4. Occupancy: Must be for Own Stay (Cannot rent out immediately).
5. Employment: Must be a confirmed employee in the private or public sector.
6. Income:

• Gross monthly income not exceeding RM 5,000 (Single).
• Gross monthly income not exceeding RM 10,000 (Joint applicants).

• Residential properties only (Completed or Under Construction).
• Price range: RM 100,000 to RM 500,000.
• Location: Anywhere in Malaysia.

If you are a Freelancer, Grab Driver, YouTuber, or run a Small Business (SSM), you usually cannot get a loan because you don’t have a payslip. Enter SJKP Malaysia Application 2026.

The government (via the Ministry of Finance) guarantees your loan. Under Budget 2026, SJKP MADANI continues with a government guarantee of up to 120% and an RM 20 billion allocation, aimed at first-home buyers including those without a fixed income.

• Government guarantee of up to 120%: that is the guarantee level stated for SJKP MADANI in Budget 2026. MOF describes the broader SJKP scheme as enabling financing of up to 100% of the property price, capped at RM 500,000. The exact financing margin, downpayment and full eligibility for SJKP MADANI were not stated in the official material checked for this guide — confirm with a participating bank.
• No Fixed Income Needed: You just need 6 months of bank statements showing regular cash flow.
• Income Proof: If you don’t have a payslip, you can use statements from your Digital Bank or e-Hailing app earnings.

“Bro, 0 downpayment means I walk in with RM 0 cash and get keys right?” WRONG. Walaoeh, don’t be naive. Even with a Full Loan House Malaysia package, there are entry costs you must pay upfront.

You still need to pay the developer or agent to reserve the unit.

• Cost: Usually RM 500 to RM 1,000.
• Note: This is refundable if your loan is rejected (with rejection letter).

Even where these can be financed under a guaranteed scheme, some banks require you to pay first and claim back later.

• SPA Legal Fee: ~1% of house price.
• Loan Legal Fee: ~1% of loan amount.
• Valuation Fee: ~0.3% (for sub-sale).

Under the i-Miliki initiative (extended to 2026):

• First Home Buyers get 100% Stamp Duty Exemption for properties under RM 500,000.
• This saves you about RM 11,000!
• Condition: SPA must be signed within the eligible period.

Walaoeh Estimate: Even for a “0 Downpayment” house, prepare at least RM 2,000 – RM 5,000 cash in hand for miscellaneous deposits (tnb, water, condo maintenance).

This is the scary part. When you take a Buy House RM 0 Downpayment loan, you are borrowing more money. This means your monthly installment is higher, and you pay more interest to the bank.

Illustration only — the scenarios below are arithmetic examples, not scheme terms. Let’s use our Housing Loan Calculator Malaysia logic. Scenario: Buying a Condo worth RM 400,000. Interest rate 4.0%. Tenure 35 Years.

• Loan Amount: RM 360,000.
• Deposit Paid: RM 40,000 (Cash pain!).
• Monthly Installment: RM 1,600.
• Total Interest Paid (35 years): ~RM 310,000.

• Loan Amount: RM 400,000.
• Deposit Paid: RM 0 (Happy!).
• Monthly Installment: RM 1,780 (+RM 180/month).
• Total Interest Paid (35 years): ~RM 345,000.
• Walaoeh Verdict: You pay an extra RM 35,000 in interest just to save the upfront deposit.

• Loan Amount: RM 440,000.
• Monthly Installment: RM 1,960.
• Walaoeh Verdict: Your monthly commitment is almost RM 2,000 for a RM 400k house. Can your salary support this?

(Is your salary enough? Check our Income Tax Guide to see your net income after tax).

Okay, you decided to proceed. Here is how to apply.

Find the House:

• Look for “Full Loan” projects from developers (New Launch).
• Or look for Sub-sale houses asking below market value (harder to get full loan).

Check Eligibility:

• Ensure you have no bad CCRIS records. If you have PTPTN arrears, clear them first! (Read our PTPTN Guide).

Prepare Documents:

• IC Copy.
• 3 Months Payslip (or 6 Months Bank Statement for Gig workers).
• EPF Statement (View via i-Akaun).
• CCRIS Report (Print from Bank Negara or eCCRIS).

Walk into Participating Banks:

• Maybank, CIMB, RHB, AmBank, BSN, Bank Islam.
• Tell the banker: “I want to apply for Skim Rumah Pertamaku / SJKP Scheme.”

Wait for Approval:

• Normal loan takes 1 week.
• SJKP/SRP takes 2-4 weeks because Cagamas needs to approve the guarantee.

If you don’t want a 100% loan because the monthly repayment is too high, but you don’t have cash… Use your EPF (KWSP) Account 2.

1. Apply for a 100% Loan (SRP) first to secure the house.
2. Once SPA is signed, apply for EPF Withdrawal for Buy House.
3. Withdraw your Account 2 money.
4. Use that money to pay for renovation, furniture, or dump it back into the loan to reduce principal.

• Read our EPF Dividend 2026 Guide to understand your Account 2 vs Account 3.

We must be honest. Buying a house with RM 0 downpayment is risky. Why? Because RM 0 Downpayment = RM 0 Equity. If you buy the house for RM 500k (100% loan) and next year the market drops or you lose your job… You cannot sell the house to cover the loan. You will be “Underwater”.

The “Lock-In Period” Trap: Most full loan packages come with a 5-year Lock-In Period. If you sell or refinance within 5 years, you pay a 3% Penalty (~RM 15,000).

Walaoeh Advice: Only take a zero-downpayment guaranteed loan if you plan to stay there for 10+ years. Do not use this for “Flipping” property.

Go for it if:

• You have a stable job but zero savings (bad habit, but valid reason).
• You are paying high rental and want to convert it to asset.
• You are a Gig Worker (Grab/FoodPanda) who keeps getting rejected by banks.

Avoid it if:

• Your monthly DSR (Debt Service Ratio) is already bursting.
• You are buying an overpriced “New Launch” just for the freebies.
• You plan to move to Singapore next year.

Walaoeh Action Plan:

1. Check CCRIS: Ensure your record is clean.
2. Calculate: Use a Housing Loan Calculator Malaysia to see the monthly repayment. Can you survive paying RM 2,000/month?
3. Survey: Visit BSN or RHB (they are very active with SJKP).

Sources

• Ministry of Finance Malaysia — Budget 2026 / SJKP MADANI — SJKP MADANI continues with a government guarantee of up to 120% and an RM20 billion allocation, aimed at first-home buyers including those without a fixed income. MOF describes the broader SJKP scheme as enabling financing of up to 100% of the property price, capped at RM 500,000. Exact financing margin, downpayment and full eligibility for SJKP MADANI were not available in the official material checked for this guide.
• Cagamas Berhad — Skim Rumah Pertamaku (SRP) — As of September 2026 it could not be confirmed from Cagamas or MOF that SRP is still accepting new applications. Check the Cagamas site directly.

All sources checked 5 September 2026.

Disclaimer: The information provided in this article regarding Skim Rumah Pertamaku (SRP), SJKP, and property financing is for general educational purposes only and does not constitute professional financial or real estate advice. Loan eligibility, interest rates, and government policies (such as stamp duty exemptions) are subject to change by Bank Negara Malaysia (BNM) and the Ministry of Finance. Please consult with a licensed mortgage banker or financial planner before making any property purchase decisions. The Walaoeh is not responsible for any financial losses incurred from property investments.