KUALA LUMPUR: First-time homebuyers will get a stamp duty exemption on the instrument of transfer and loan agreement under the Keluarga Malaysia Home Ownership Initiative (i-MILIKI), says Datuk Seri Ismail Sabri Yaakob.
The Prime Minister said homes valued at RM500,000 and below will get a 100% exemption, while properties over RM500,000 to RM1mil will get 50%.
The exemption will apply for sales and purchase agreements that are completed from June 1 to December 2023.
Announcing this at the launch event of the Home Ownership Programme (Hope) and "Karnival Jom Beli Rumah", the Prime Minister said the initiative was to help Malaysian families own their first homes.
"Although this stamp duty exemption will reduce revenue collection for the country, I would like to stress that this is the government's commitment towards all Malaysian families.
"According to the Inland Revenue Board (LHDN), the stamp duty exemption claim under the Home Ownership Campaign (HOC) is RM957.8mil.
"In fact, the highest stamp duty exemption claim is for house prices of RM500,000 and below.
"In supporting the Hope programme, I would like to announce i-Miliki, or the Keluarga Malaysia Home Ownership Initiative, which offers stamp duty exemption on instrument of transfer and loan agreement for the purchase of first homes," said Ismail Sabri in his speech at the event here.
Also present was Housing and Local Government Minister Datuk Seri Reezal Naina Merican.
The "Karnival Jom Beli Rumah" programme at the Mid Valley Megamall Exhibition Centre (MVEC) will be held for three days from July 15-17.
"This campaign will have more than 130,000 affordable homes and over 330,000 free-range properties on offer for the rakyat.
"Homebuyers can enjoy special offers at this carnival, such as discounts, legal fee reductions as well as installment facility for deposit payments," said Reezal in his speech.
ALSO READ: Now more can own houses
Spearheaded by the Housing and Local Government Ministry, Hope is a programme created to assist the B40 and M40 group to own affordable, decent first homes, in line with the government's "One Family One Home" vision.
Reezal said so far, 368,000 units of affordable homes are either under construction or at the development stage in the country.
This, he said, is part of the government's target to build 500,000 affordable homes throughout the 12th Malaysia Plan.
He added that the Malaysian Housing Financing Initiative (i-Biaya) will also assist homebuyers with financing options.