KEPALA BATAS – The Housing and Local Government Ministry hopes its application for 100% 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, Datuk Seri Reezal Merican Naina Merican said that currently, full stamp duty exemption is only given to first-time homeowners of properties priced RM500,000 and below through i-MILIKI (Keluarga Malaysia Home Ownership Initiative), while houses priced above RM500,000 to RM1 million are given a 50% exemption.
“I hope the Finance Ministry will consider giving a 100% stamp duty exemption for houses priced above RM500,000 to 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 programme here today.
In addition, Reezal also hoped that the Housing Credit Guarantee Scheme, 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 scheme played 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 income – to obtain mortgage financing of up to 100% from selected financial institutions.
Commenting on the carnival, he said the three-day event offered over 92,000 housing units throughout the northern region and was expected to attract over 15,000 visitors.
“This carnival is organised in conjunction with the Home Ownership Programme Tour series, with the agenda being home ownership among the low- and middle-income groups,” he said.
The carnival has 45 booths and the participation of 23 housing developers including Bertam Properties Sdn Bhd, SP Setia Bhd, OIB Group, Aspen Group, Oriental Kedah Realty, and EcoWorld Property. – Bernama, September 23, 2022
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