KUALA LUMPUR (Oct 9): Malaysia is proposing a full stamp duty exemption on loan agreements and instruments of transfer for the purchase of first homes priced up to RM500,000.
The exemption will cover the first RM500,000 for first homes priced between RM500,000 and RM750,000, with a 50% exemption on the remaining amount. The proposed exemptions will apply to sale-and-purchase agreements executed from Jan 1, 2027, to Dec 31, 2030.
Before the latest measures, the stamp duty is RM9,000 for the purchase of a RM500,000 home and RM15,000 for property priced at RM700,000.
The government has also proposed a full stamp duty exemption on loan agreements and instruments of transfer of abandoned housing projects, as part of efforts to achieve zero abandoned housing projects by 2030.
The exemptions will apply to instruments executed from Jan 1, 2027, to Dec 31, 2030.
RM20 bil housing financing guarantees
The government will provide up to RM20 billion in housing financing guarantees through government-owned Syarikat Jaminan Kredit Perumahan to help 80,000 first-time homebuyers.
It is expected to help self-employed individuals and those without fixed incomes who may struggle to secure conventional housing loans.
The government has also allocated nearly RM1 billion for housing programmes Program Residensi Rakyat and Rumah Mesra Rakyat, to ensure adequate housing for B40 households.
The fund will be channelled to four new housing projects in Kulai (Johor), Nilai (Negeri Sembilan), Paya Rumput (Melaka), and Lembah Pertang (Terengganu)