SJKP: How the Self-Employed Can Get a Home Loan Without a Payslip
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If you're self-employed — a gig driver, a hawker, an online seller, a freelancer — you already know the problem: you might earn steadily, but with no payslip, most banks treat you as too risky and turn you down for a home loan. SJKP (Skim Jaminan Kredit Perumahan) is the government scheme built for exactly that gap. In Budget 2026 the government doubled the available guarantee facility to RM20 billion, aiming to help around 80,000 more first-time buyers.
But there's a catch most people miss, and it's the part that actually decides your loan: SJKP gets the bank to consider you — your declared income still decides how much you get. It's one of several first-home schemes — see the full overview →
What SJKP actually is (and isn't)
SJKP is a guarantee, not a loan. Syarikat Jaminan Kredit Perumahan — a company under the Ministry of Finance — doesn't lend you anything. Instead, it promises a participating bank that if you default, it will cover the shortfall. That promise covers more than 100% of the financing, which is enough to flip the bank's decision: a borrower it would normally reject for having no payslip becomes someone it can say yes to. You still borrow from the bank, and SJKP charges you no fee for the guarantee.
SJKP vs SJKP MADANI
There are two versions, both currently open. The main differences are the financing cap and what costs the guarantee can stretch to cover:
| SJKP (standard) | SJKP MADANI | |
|---|---|---|
| Maximum financing | RM500,000 | RM360,000 |
| Guarantee coverage | More than 100% of financing | Up to 120% of purchase price |
| Costs it can cover | Loan + MRTA/MRTT, legal & valuation | + renovation & basic furnishing |
| Who it’s for | Fixed & non-fixed income | Fixed & non-fixed income |
| Max tenure | Up to 35 years | Up to 35 years |
One thing to clear up: SJKP MADANI is not only for people without a payslip — both versions accept salaried and non-salaried applicants. The caps are on the financing amount, not strictly the property price, and individual banks may set lower limits than the scheme maximum.
Who qualifies
- Malaysian citizen, 18 or above, buying a first home for own stay (the loan must end by around age 70).
- Gross household income up to RM11,000 a month.
- A clean recent credit record (no serious CCRIS arrears in the recent past).
- Residential property only — new, sub-sale or auctioned; not shophouses, commercial or land-only.
- Built for non-payslip earners — gig workers, hawkers, farmers, online sellers, small traders and the self-employed (salaried applicants are eligible too).
How to apply — and proving income without a payslip
You apply through a participating bank, not through SJKP directly. There are 16 on the official list, including Maybank, RHB, Hong Leong, Bank Islam, BSN, Bank Rakyat and Bank Muamalat. SJKP also has a free eligibility pre-check on its website (sjkp.com.my) before you approach a bank. If the bank approves you, it applies for the SJKP guarantee on your behalf.
Without a payslip, banks accept other proof of income — typically a mix of:
- Your LHDN Form B (tax return, usually the last 2 years)
- 6–12 months of bank statements (personal and business)
- Business registration (SSM) for registered traders
- Platform earnings or e-wallet history for gig workers
- An income confirmation letter (e.g. from a Penghulu, JKKK chairman or a senior government officer)
The catch: your declared income is your borrowing power
Here's what the guarantee does not do: it doesn't make the bank skip the affordability check. The bank still works out whether you can manage the repayments by looking at your DSR (Debt Service Ratio) — your monthly commitments against your income. And for the self-employed, the income the bank uses is your declared, provable income, mainly from your Form B.
That creates a trap. If you under-declare income to LHDN to save on tax, you also shrink the loan you qualify for — even with the SJKP guarantee behind you. Declare RM5,000 a month when RM15,000 really flows through your account, and the bank works with RM5,000. The practical move: if you plan to apply in the next couple of years, file your Form B at your real income now, because banks look back over about two years. More on how income and DSR are assessed →
FAQ
Is SJKP a loan or a guarantee?
A guarantee. Syarikat Jaminan Kredit Perumahan (SJKP) does not lend you money — it gives a participating bank a government-backed guarantee so the bank is willing to approve a housing loan for someone who cannot show a payslip. You still take the loan from the bank, and SJKP charges you no fee for the guarantee.
Can I get a home loan if I am self-employed with no payslip?
That is exactly who SJKP is for — gig workers (e-hailing, delivery), hawkers, online sellers, farmers, small traders and other self-employed people who earn steadily but cannot produce a salary slip. Instead of a payslip, banks accept proof such as your LHDN Form B (tax return), 6–12 months of bank statements, business registration (SSM), platform earnings history, or an income confirmation letter.
What is the income limit and how much can I finance?
The gross household income ceiling is RM11,000 a month. The guarantee covers financing of up to RM500,000 under standard SJKP, or up to RM360,000 under SJKP MADANI — note this is a cap on the financing amount (which can also cover MRTA, legal and valuation fees), not strictly the property price. SJKP MADANI can additionally cover renovation and basic home furnishings. Confirm the current figures, as individual banks may set lower limits.
How do I apply, and which banks offer it?
You apply through a participating bank, not through SJKP directly — there are 16 on the official list, including Maybank, RHB, Hong Leong, Bank Islam, BSN, Bank Rakyat and Bank Muamalat. SJKP also has a free eligibility pre-check at sjkp.com.my. The bank assesses you, and if approved, applies for the SJKP guarantee on your behalf.
Does SJKP guarantee my loan will be approved?
No. The guarantee protects the bank, not your approval. The bank still checks whether you can afford the repayments, and for self-employed applicants it bases that on your declared, provable income — so under-declaring income to save tax directly lowers how much you can borrow, even with SJKP behind you. Check your DSR on your declared income before you apply.
A note on accuracy
This is general educational information, not financial advice. SJKP and SJKP MADANI are government schemes run by Syarikat Jaminan Kredit Perumahan; caps, income criteria and participating banks can change, and individual banks set their own product terms — figures here are current as of June 2026, so confirm the latest details with a participating bank or sjkp.com.my before applying. The SJKP guarantee does not guarantee loan approval; your bank makes that decision.
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