KPKT seeks 100% stamp duty exemption for RM500,000-RM1m properties

Those properties are currently given 50% stamp duty exemption

THE Housing and Local Government Ministry (KPKT) hopes its application for 100% stamp duty exemption for ownership of first-time homeowners of properties priced between RM500,000 and RM1 million would be approved at the tabling of Budget 2023 next month.

KPKT Minister Datuk Seri Reezal Merican Naina Merican said for now full stamp duty exemption was only for first-time homeowners of properties priced RM500,000 and below through the Keluarga Malaysia Home Ownership Initiative, while houses priced above RM500,000 to RM1 million were given a 50% stamp duty exemption.

“I hope the Finance Ministry will consider giving a 100% stamp duty exemption for houses priced above RM500,000 to RM1 million because property buyers in this price range usually comprise those from the middle 40% income group.

“I do not want us to be seen as only defending the needs of the bottom 40% income group and I hope this application will be approved, on condition it is for the first house and developers give a discount of 10% to the buyers,” he told reporters after launching the “Karnival Jom Beli Rumah Wilayah Utara” today.

In addition, Reezal also hoped that the Skim Jaminan Kredit Perumahan, which provides financing guarantees totalling RM2 billion under Budget 2022, would be continued under Budget 2023 which will be tabled on Oct 7.

He said the scheme played a vital role in boosting the property market as it enables those who can afford to buy but do not have official income documents (pay slips) or fixed income to obtain mortgage financing of up to 100% from selected financial institutions. — BERNAMA / TMRpic