Stamp duty exemption for first-time home owners - PM Ismail Sabri

KUALA LUMPUR: Prime Minister Datuk Seri Ismail Sabri Yaakob today announced a 100 per cent stamp duty exemption for first-time homeowners of properties priced RM500,000 and below through the Keluarga Malaysia Home Ownership Initiative (i-MILIKI) initiative from June 1, 2022 to December 2023.

He said a stamp duty exemption incentive of 50 per cent, meanwhile, will be given for homes priced above RM500,000 to RM1 million.

Ismail Sabri said although the stamp duty exemption would reduce revenue for the nation's coffers, he stressed that the move was the government's commitment to Keluarga Malaysia (the Malaysian Family).

He said the government was carrying out various measures to enable Malaysians to own homes such as providing stamp duty tax exemption for property ownership transfers and loan agreements.

"For the record, the Inland Revenue Board (IRB) said that stamp duty exemption claims under the HOC (Home Ownership Campaign) are RM957.8 million.

"In fact, the highest stamp duty exemption claim is for homes priced RM500,000 and below," he said when officiating at the launch of the Home Ownership Program (HOPE) and the 'Karnival Jom Beli Rumah' at the Mid Valley Exhibition Centre here today.

Ismail Sabri said the i-MILIKI initiative involved the provision of stamp duty exemption incentives on the instrument of transfers and loan agreements for the purchase of a first house through the house pricing tier.

"The exemption is for sale and purchase agreements completed from June 1, 2022 to December 2023," he said.

He said the incentive was introduced from the onset of the HOC that began in 2019 to 2021, and which is still being continued for the purchase of first homes worth up to RM500,000 until Dec 31, 2025.

In making the housing agenda a priority without any compromise, Ismail Sabri said the Keluarga Malaysia government would continue existing programmes to ensure that more Malaysians own homes, especially the B40 group.

On HOPE, the prime minister said it not only helped promote housing for all walks of life but also looked at the housing sector ecosystem holistically.

"In this regard, the government's commitment in ensuring the provision of adequate, quality and affordable housing must be empowered by all housing providers, including the private sector.

"In fact, home ownership should be supported by a financial institution ecosystem that is more supportive," he said.

As such, the prime minister hoped more affordable housing can be provided by housing developers that meet the income limit of Malaysians based on locality.

Ismail Sabri also said that more educational programmes such as the "Kempen Bijak Beli Rumah" and "Own while Young" campaigns must be intensified.

"This will surely help members of Keluarga Malaysia, especially first-time home owners gain knowledge about property ownership and make it easier for them to buy their dream home according to financial ability," he said.

-- BERNAMA