The choice to maintain up the 100 percent stamp obligation exemption for first-time property purchases beneath RM500,000 is anticipated to help extra Malaysians in owning a house. Nga Kor Ming, the Local Government Development (KPKT) Minister, stated that the ministry’s proposal to the Finance Ministry (MoF) to continue the initiative will assist folks save up for a house purchase.
“Up to now, seventy six.9% of Malaysians have already owned a home, and we are focusing on one hundred pc. This is one of the methods to help achieve the goal,” Nga told reporters during a working visit.
On June 9, the MoF introduced that first-time home buyers will continue to enjoy a 100% stamp obligation exemption for purchases not exceeding RM500,000 through the Malaysian Home Ownership Initiative (i-Miliki). Additionally, a 75% stamp duty exemption might be given for first-time residence ownership for houses priced between RM500,000 and RM1 million beneath the i-Miliki initiative.
The stamp obligation exemption applies to sale and buy agreements executed from June 1, 2022, till December 31, 2023. Extraordinary stated that the exemption falls beneath the Home Ownership Programme (HOPE), where first-time buyers are granted stamp duty exemption on switch paperwork and mortgage agreements.
In the meantime, Nga expressed his appreciation to the MoF and Prime Minister Datuk Seri Anwar Ibrahim for accepting the KPKT’s proposal to continue the initiative to hold up the momentum of the home possession campaign among the people in the nation..