Budget 2017: Stamp duty exemption for purchases up to RM300,000

KUALA LUMPUR (Oct 21): Stamp duty will be exempted for property transfers and housing loan instruments to help reduce the cost of first-time home ownership.

Prime Minister Datuk Seri Najib Razak in tabling Budget 2017 in Parliament today said the current stamp duty exemption of 50% will be increased to 100%.

However, this exemption is limited to homes valued up to RM300,000 for first homebuyers only, and for purchases between Jan 1, 2017 and Dec 31, 2018.

“The government is committed to ensuring that every family can own a house,” said Najib.

On the other hand, the rate of stamp duty on property transfers worth more than RM1 million, will be increased from 3% to 4% but effective only from Jan 1, 2018.

One of the most popular wishes in the run-up to Budget 2017 among industry players was to have easier financing and packages to assist first-time homebuyers.

In his speech, Najib also announced a new special “step-up” end-financing scheme for the Perumahan Rakyat 1Malaysia (PR1MA) programme.

“Through this special scheme, financing will be easier and more accessible to buyers with total loans of up to 90% to 100% with the loan rejection rate to be reduced drastically, he said.

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