Bank Muamalat offers home loans to those who do not have a profit and loss account

KUALA LUMPUR; Bank Muamalat Malaysia Bhd is offering financing of up to RM400,000 through its Smart Mortgage SJKP (Syarikat Jaminan Kredit Perumahan) home loan program to help the self-employed and people on non-fixed incomes, including workers in the in the on-demand economy, business owners and small traders or entrepreneurs become first-time homeowners.

The scheme is guaranteed by SJKP to help those who do not have a monthly tax return to own a home.

For those who are eligible, the amount of finance provided through this program includes related expenses such as mortgage reducing term takaful, home owner long term takaful, legal and valuation fees .

This is a no entry fee package for new owners with a 100% finance margin, with all moving costs and related expenses to be financed by the bank.

The home loan program has a proven track record of helping homebuyers own their dream first home under the bank’s collaboration with SJKP, which began in October 2019.

The bank said it has always focused on efforts to help the affordable segment of the market own a home.

Its chairman and chief executive, Khairul Kamarudin, said the rising cost of living and market price of owning a home caused potential first-time home buyers to postpone their plans. With the Home Loan Program, eligible homebuyers have the opportunity to own their first home.

“Following the rising cost of living and rising market prices, costs and fees to own a home and further with an additional allowance for property deposit, potential buyers have put their plans on hold. However, with the Smart Mortgage SJKP program, potential home buyers can pursue their plans to own their first home,” he said in a statement today.

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