PETALING JAYA: The government’s move to double the Housing Credit Guarantee Scheme (SJKP) allocation to RM20bil is expected to help 80,000 first-time homebuyers and boost the property market, say industry players.
Real Estate and Housing Developers’ Association (Rehda) president Datuk Ho Hon Sang said the move, along with the extended Youth Housing Financing Scheme under the Public Sector Home Financing Board and the higher financing limit of up to RM1mil, will boost home ownership.
Prime Minister Datuk Seri Anwar Ibrahim announced that the SJKP allocation will be doubled to enable first-time buyers, particularly gig workers and the self-employed, to secure financing.
Full stamp duty exemptions on transfer and loan documents for first-time home purchases priced up to RM500,000 will also be extended until Dec 31, 2027.
A flat stamp duty of between 4% and 8% will be imposed on property transfers involving non-citizens and foreign companies, excluding permanent residents, to stabilise housing prices and prevent speculative activity.
Rehda called for clarification on the proposed tax exemption for the modification and conversion of commercial buildings into residential units, saying it would ease financial pressure on developers and increase housing supply.
Master Builders Association Malaysia president Oliver HC Wee said the industry looks forward to working with stakeholders to realise the Budget goals.
