IPOH: With a total of 76.9% of Malaysians owning a home to date, the government hopes to see the numbers increase following the stamp duty exemptions for first-time house buyers, says Nga Kor Ming.
The Local Government Development Minister said the ministry hopes that every Malaysian has a place that they could call home, and made this proposal to the Finance Ministry.
Nga said after taking the proposal into consideration, the Finance Ministry decided to continue with the stamp duty exemptions.
“We want to make sure every Malaysian owns a home; we want to make sure that they have shelter, and a roof above their head.
“This is very important, and we thank the Prime Minister - who is also the Finance Minister - for continuing with the Home Ownership Programme,” he said when speaking to reporters after visiting the Kampung Simee wet market here on Sunday (June 11).
He also announced six development projects worth RM3.46mil, including upgrading the market’s infrastructure, roads, drains, and gutters at several other areas.
The Finance Ministry had announced that first-time house buyers would continue to enjoy a 100% stamp duty exemption for purchases not exceeding RM500,000 via the Malaysian Home Ownership Initiative (i-Miliki) under Budget 2023.
It said a 75% stamp duty exemption will also be given for first-time home ownership for houses priced at between RM500,000 and RM1mil under the initiative.
Nga said he just got back from Africa, and added that Malaysia has been identified as a model for many developing countries.
“They would very much like to learn from our country, with the housing minister from Kenya visiting next month. We need to progress and take more initiatives to ensure our people are able to purchase their first house," he said.
“The exemption can save them more than RM20,000, and it will be a good time for housing developers to take the opportunity to launch and promote their properties,” added Nga.