“With SJKP, the government, through Syarikat Jaminan Kredit Perumahan Bhd, has agreed to provide financing guarantees of up to RM5 billion in loan value aimed at benefitting 20,000 borrowers,” the local government development ministry said in a statement.

It said SJKP would help gig workers and those without a fixed income to own a home as they would not have to pay a downpayment.

The SJKP was launched by the ministry in collaboration with the finance ministry, last year.

As of Dec 31, 2022, a total of 16,808 borrowers had benefitted from it, with a loan value of RM2.32 billion.

Yesterday, Cagamas Bhd, the corporation responsible for managing the SRP announced that the programme would be discontinued on April 1.

The SRP was first introduced in 2011 to help first-time home buyers with a household income of less than RM10,000 own a home without having to pay a downpayment.

It also allowed first-time home buyers to get financing of up to 110% from participating banks.