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Newsbreak: HOC stamp duty exemption scheme extended till end-2021

PETALING JAYA (May 31): The Ministry of Finance (MoF) has agreed to extend the residential home stamp duty exemption scheme under the Home Ownership Campaign (HOC) for six months to Dec 31, 2021.

In a document sighted by EdgeProp.my, the letter stated that MoF has agreed to extend the stamp duty exemption on Instrument of Transfer and loan agreement to Dec 31, 2021 from May 31, 2021 for all residential properties registered under HOC 2020/2021.

The letter dated May 31, 2021 is addressed to Real Estate and Housing Developers' Association Malaysia (REHDA), Sarawak Housing and Real Estate Developers' Association (SHEDA) and Sabah Housing and Real Estate Developers Association (SHAREDA).

According to the letter, the stamp duty exemption on Instrument of Transfer is applicable for all residential home purchases from the value of RM300,000 to RM2.5 million, with the first RM1 million to enjoy 100% waiver, while only the balance will be charged 3%. 

Meanwhile, 100% stamp duty exemption on loan agreement will be given to residential home purchases valued from RM300,000 to RM2.5 million.

The schemes only apply for Malaysians and residential homes with at least 10% discount that are verified by REHDA, SHEDA and SHAREDA.

When contacted, REHDA president Datuk Soam Heng Choon confirmed the news and said the news is waiting to be gazetted. 

“This is good news for us, especially for the property buyers as they do not have to rush in now. The extension will enable buyers to have more time to consider and this will also help to support the economic recovery in the second half of the year as we are seeing a long lockdown period,” he told EdgeProp.my.

He noted that the MoF has made a good decision in reducing the burden of purchasers and to ensure recovery of the sector and the economy in general.

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