Short answer: Yes — you can get a home loan without traditional payslips, but banks must still be convinced you can repay. That means you need alternative proof of income, stronger supporting documents, a co-borrower/guarantor, or a government guarantee scheme (SJKP). Below are the legal, commonly-used routes and exact documents banks typically accept.
1) Main legal routes (pick one or combine)
- Use alternative proof of income (self-employed, freelancer, gig worker).
- Apply jointly / use a co-borrower who has payslips (spouse/close family).
- Use a guarantor — someone with strong employment and credit who legally guarantees repayment.
- Apply under SJKP (Housing Credit Guarantee Scheme) — government guarantee for first-time buyers & non-fixed income earners.
- Pledge assets as collateral (fixed deposit, investments) to strengthen your case. Banks accept FDs and other assets as collateral in some products.
2) What “alternative proof of income” banks commonly accept
If you don’t have payslips, prepare these (more the better):
- Personal + business bank statements — typically 3–12 months (personal) and 6–12 months (business) showing regular income. Banks look for steady, consistent credits.
- Income tax returns (Form B / BE / company tax filings) for the last 1–3 years. This proves declared income history.
- SSM company documents (for sole proprietor/SME): SSM registration, business licence, sales invoices.
- Audited / accountant-prepared financial statements (profit & loss, balance sheet) if you run a company.
- EPF statement / contribution history — regular EPF contributions help show income stability. (Also needed if you plan EPF withdrawal for the purchase.)
- Platform / e-wallet / aggregator statements for gig/e-hailing riders (Grab, food delivery) that show monthly earnings.
- Contracts / recurring invoices / letters of engagement from clients proving regular work.
- Rental income agreements or tenancy receipts (if you have rental cashflow).
- Utility bills / tenancy registration / business premises proof to show business reality.
Tip: banks prefer official, bank-generated statements and tax documents. Have originals or certified copies ready.
3) Use the government guarantee scheme (SJKP / HCGS) — powerful for non-standard income
- SJKP (Housing Credit Guarantee Scheme) is designed to help first-time buyers and people with non-fixed incomes get financing — it guarantees loans so banks are willing to lend even without standard payslips. Some banks offer SJKP packages with no downpayment or higher loan margins for eligible buyers. Check SJKP eligibility and which banks participate.
When to consider SJKP: you’re first-time buyer, monthly income is irregular, or you lack deposit. How to proceed: contact SJKP or participating banks (e.g., Maybank, Alliance — many banks list SJKP products) and ask for the SJKP application flow.
4) Co-borrower vs guarantor — difference and practical tips
- Co-borrower (joint applicant): both names on the loan; the co-borrower’s income (payslips) is used to qualify. Usually both become owners unless you arrange otherwise. Good if spouse/parent has steady salary.
- Guarantor: a separate person (often family) who guarantees the loan but may not automatically be a co-owner. Important: guarantors are legally liable for repayments if you default — this is a major risk for them. Make sure the guarantor fully understands the legal exposure.
5) Pledging assets / using collateral
If your income proof is weak, you can strengthen the application by pledging assets:
- Fixed deposit (FD) as collateral or other investments (unit trust, bonds, shares) — some banks accept FDs as security to reduce risk. This can improve approval chances or reduce rate.
- Use existing property or investments to refinance or cross-collateralise (if you already own other assets).
6) Step-by-step application checklist (practical flow)
- Decide route: (A) apply directly with alternative docs, (B) apply jointly (co-borrower), (C) use guarantor, (D) apply under SJKP, (E) pledge FD/collateral.
- Gather documents (see checklist below).
- Check your credit: clear any late payments, get CCRIS/CTOS record in order. Banks review credit history.
- Talk to a mortgage broker or bank relationship officer — tell them you have no payslip and ask which banks/products accept alternative income proof or SJKP. Brokers often know which banks are flexible.
- Get a pre-approval / soft approval so you know borrowing limit.
- Submit full application with all documents. Be honest — do not falsify payslips or incomes.
- If rejected, pivot: add co-borrower or guarantor, pledge FD, or apply via SJKP / developer in-house financing.
- On approval: sign Sale & Purchase Agreement (SPA), process EPF withdrawal (if needed) and proceed to loan disbursement.
7) Document checklist — copy/paste when you meet the bank
Personal & ID
- MyKad (NRIC), marriage cert (if applicable)
- Latest utility bill / proof of address
Income & cashflow
- Personal bank statements (3–12 months) — highlight regular credits
- Business bank statements (6–12 months) if self-employed
- Latest 1–3 years income tax returns (Form B/BE or company CT)
- EPF statement (i-Akaun printout) — Account 2 balance if planning withdrawal.
Business proof (if self-employed)
- SSM registration / company documents
- Invoices / contracts / recurring client letters
- Accountant-prepared accounts or audited accounts (if available)
Other supporting
- E-hailing / platform earning statements (for gig workers)
- Rental agreements (if collecting rent)
- Fixed deposit / investment statements (if pledging collateral)
If using SJKP
- Any form SJKP asks for; ask participating bank for exact list.
8) How banks assess you (so you can prepare)
Banks look at:
- Debt Service Ratio / Affordability — can you repay monthly instalments after living expenses?
- Proof of consistent cash inflow — even without payslip, steady deposits are good.
- Credit history — cleared debts & good payment record help a lot.
- Collateral & guarantee — these reduce bank risk and improve approvals.
9) Practical tips that materially improve approval odds
- Keep 6–12 months of tidy bank statements with consistent deposits and savings.
- File taxes honestly and keep copies of tax assessments for 2–3 years. Banks like documented tax history.
- Save for deposit — even if SJKP offers high financing, a deposit reduces bank concern.
- Use a broker — experienced mortgage brokers know which banks are flexible for non-payslip applicants.
- Consider joint application with employed spouse or parent — often the fastest practical route.
- If self-employed, get accountant-prepared financials — a professional set of P&L and balance sheet looks far better than loose invoices.
10) Common options if the bank still says NO
- Add a co-borrower with payslips (spouse, parent).
- Add a guarantor (understand their liability).
- Pledge a fixed deposit / investments as collateral.
- Apply under SJKP (if eligible).
- Look at developer in-house financing (some developers offer progressive payment plans or easier terms for low-income buyers).
11) Things to avoid (important warnings)
- Never falsify payslips or tax documents. That is fraud and can lead to criminal charges.
- Don’t coerce or hide things from a guarantor. They legally take on your debt if you default.
- Read loan documents carefully (interest type, lock-in, penalties). Ask the bank to explain anything unclear.
12) Quick example scenarios (how to proceed)
- You’re a freelance graphic designer (no payslip): prepare 12 months personal+business bank statements, 2 years tax returns, client contracts; speak to broker/bank that handles self-employed cases; consider joint application with spouse.
- You drive for e-hailing only: get platform payout statements, personal bank statements, tax return, and consider SJKP or co-borrower.
- You’re a housewife with no income: apply jointly with spouse or use spouse as primary borrower; or consider using EPF withdrawal if spouse/you have EPF savings.
13) Timeline — what to expect (typical)
- Document prep: 1–3 weeks (gather statements, tax docs).
- Pre-approval: 1–2 weeks (bank checks paperwork).
- Full approval & loan offer: 2–6 weeks after submission (depends on bank, complexity).
- Loan disbursement (after SPA signing): a few weeks (depends on developer/transfer process).
14) Useful official & bank resources (quick links)
- SJKP / Housing Credit Guarantee (HCGS) — info & eligibility for buyers without fixed income.
- iProperty / real-estate guides — what banks ask for self-employed applicants (good checklist).
- Banks on EPF withdrawal & housing — EPF Account 2 withdrawal rules for buying a home.
- Banks about FD collateral — many banks accept fixed deposits/ investments as security.
Final checklist (one-page copy)
- Choose route: alternative docs / joint / guarantor / SJKP / collateral.
- Collect: NRIC, bank statements (3–12m), tax returns (1–3y), SSM (if any), EPF statement, invoices/contracts, FD/investment statements (if any).
- Visit mortgage broker + 2–3 banks; ask for pre-approval.
- If rejected: add co-borrower, guarantor, or use SJKP / pledge collateral.
- Never falsify documents.
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