Stamp duty exemption extended for sub-RM500,000 first homes
The decision to maintain the 100% stamp duty exemption for first-time property purchases under RM500,000 is anticipated to assist more Malaysians in owning a home. 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 help people save up for a house purchase.
“Up to now, 76.9% of Malaysians have already owned a house, and we are targeting 100%. This is one of the ways to help achieve the target,” Nga told reporters during a working visit.
On June 9, the MoF announced that first-time house buyers will continue to enjoy a 100% stamp duty exemption for purchases not exceeding RM500,000 through the Malaysian Home Ownership Initiative (i-Miliki). Additionally, a 75% stamp duty exemption will be given for first-time home ownership for houses priced between RM500,000 and RM1 million under the i-Miliki initiative.
The stamp duty exemption applies to sale and purchase agreements executed from June 1, 2022, until December 31, 2023. The MoF stated that the exemption falls under the Home Ownership Programme (HOPE), where first-time buyers are granted stamp duty exemption on transfer documents and loan 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 maintain the momentum of the home ownership campaign among the people in the country.
He also urged developers to take advantage of the initiative, which will continue until 2025, to promote homes under their projects.
