Budget 2015: Govt to build 80,000 units under PR1MA

The government will address the issue of home ownership at affordable houses by building 80,000 units under the 1Malaysia People's Housing Programme (PR1MA) with an allocation of RM1.3 billion.

Tabling the budget, themed 'Budget 2015: People Economy' in Parliament today, Prime Minister Datuk Seri Najib Tun Razak said to enable more people to own houses, the ceiling of household income was raised from RM8,000 to RM10,000.

In addition, a Rent-To-Own Scheme would be introduced specifically for individuals who are unable to obtain bank financing, he said.

Najib, who is also Finance Minister, said besides that, RM644 million was allocated for National Housing Department to build 26,000 units houses under the People's Housing Programme (PPR).

Syarikat Perumahan Negara Bhd was set to build 12,000 units of Rumah Mesra Rakyat, 5,000 units of Rumah Idaman Rakyat and 20,000 units of Rumah Aspirasi Rakyat on private land, he said.

Najib also said the government would extend the 50 per cent stamp duty exemption on instruments of transfer and loan agreements, as well as increase the purchase limit from RM400,000 to RM500,000.

"The exemption will be given until Dec 31, 2016," said Najib.

In line with the stamp duty exemption, he said, the ceiling price for Skim Rumah Pertamaku was raised to RM500,000 and the qualification age increased from 35 to 40 years.

On the real property gains tax, which is assessed formally, he said this would now be self-assessed by the taxpayer from 2016, in line with the government's aspiration to modernise the tax system.