Continued Stamp Duty Exemption Will Help More Malaysians To Own Homes Nga

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The move to continue the 100 percent stamp duty exemption for purchasing a first property priced below RM500,000 will help more Malaysians have a house of their own.
Local Government Development Minister Nga Kor Ming said the ministry’s proposal to the Finance Ministry to continue the initiative will help the people to save up to buy a house.
"So far, 76.9 percent of Malaysians have already owned a house, we are targeting 100 percent and this is one of the ways to help achieve the target," he told reporters after a working visit in Ipoh yesterday.
On June 9, the Finance Ministry announced that first-time house buyers would continue to enjoy a 100 percent stamp duty exemption for purchases not exceeding RM500,000 via the Malaysian Home Ownership Initiative (i-Miliki).
In addition, the Finance Ministry said a 75 percent stamp duty exemption will also be given for first-time homeownership for houses priced at 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 Dec 31 2023.
The Finance Ministry said the exemption comes under the Home Ownership Programme (Hope), where first-time buyers are given stamp duty exemption on transfer documents and loan agreements.
In the meantime, Nga expressed appreciation to the Finance Ministry and Prime Minister Anwar Ibrahim for accepting his ministry’s proposal to continue the initiative to maintain the momentum of the homeownership 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.
- Bernama

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