Ministry seeks full stamp duty exemption for RM500,000 to RM1 million houses 

The Malaysian Insight, 23 September 2022

Housing and Local Government Minister Reezal Merican Naina Merican says full stamp duty exemption for first-time homeowners of properties costing between RM500,000 and RM1 million shows the government's commitment to helping the M40 community as well, instead of just the B40 group. – The Malaysian Insight file pic, September 23, 2022.

THE Housing and Local Government Ministry hopes its application for a full stamp duty exemption for first-time homeowners of properties priced between RM500,000 and RM1 million would be approved at the tabling of Budget 2023 next month.

Its minister Reezal Merican Naina Merican said that for now, full stamp duty exemption is only for first-time homeowners of properties priced RM500,000 and below through the Keluarga Malaysia Home Ownership Initiative, while houses priced between RM500,000 and RM1 million were given a 50% stamp duty exemption.

“I hope the Finance Ministry will consider granting a 100% stamp duty exemption for houses priced between RM500,000 and RM1 million because property buyers in this price range usually comprise those from the M40 group.

“I do not want us to be seen as only defending the needs of the B40 group and I hope this application will be approved, on condition it is for the first house and developers give a discount of 10% to the buyers,” he told reporters after launching the Karnival Jom Beli Rumah Wilayah Utara in Kepala Batas today.

Reezal also hopes the Skim Jaminan Kredit Perumahan (SKJP), which provides financing guarantees totalling RM2 billion under Budget 2022, would be continued under Budget 2023, which will be tabled on October 7.

He said the SJKP plays a vital role in boosting the property market as it enables those who can afford to buy but do not have official income documents (payslips) or fixed incomes to obtain mortgage financing of up to 100% from selected financial institutions.

Commenting on Karnival Jom Beli Rumah Wilayah Utara, he said the three-day carnival offers more than 92,000 home units throughout the northern region and is expected to attract over 15,000 visitors.

“This carnival was organised in conjunction with the Home Ownership Programme tour series, with the agenda of home ownership among the low- and middle-income groups,” he said. – Bernama, September 23, 2022.

 

(Web source: https://www.themalaysianinsight.com/s/402600)