How It Works
Skim Saraan Bercagar (SSB) is a Skim Saraan Bercagar Loan. It allows retired home owners to convert a residential property asset into a fixed source of monthly income throughout their retirement years. Home ownership is retained, allowing them to stay in their home throughout the tenure of the loan.
Upon the demise of the borrower or joint borrower, whichever occurs later.
During Home Owner’s Lifetime
No repayment is required during the borrower’s or joint borrowers’ lifetime unless the loan is terminated under specific circumstances.
The property will be sold to settle any outstanding loan amount. Any balance from the sale proceeds of the property will be passed on to the borrower’s estate.
Criteria for Borrower
- 55 years old and above
- Owner or joint owners of a residential property
- For a joint loan, the joint borrower can be a partner, parent, sibling or child, subject to age limit
Criteria for Property
- Residential property in Malaysia held in Borrower’s or joint borrowers’ name(s).
- For a joint Skim Saraan Bercagar Loan, joint ownership of property is required.
- Property must be owner-occupied and be the primary place of residence.
- Freehold property or leasehold property with remaining lease tenure not less than 90 years
- Free from encumbrances such as mortgage and other financial liabilities.