News by M

“This is very punitive for those purchasing non-residential properties worth more than RM1 million because they have to bear the brunt of the 6% GST too.”

Budget 2017 that was announced today did not provide measures to shore up the property market or to help the bulk of potential homebuyers to own homes.

Shawn Ong doesn’t see how Penang homeowners will benefit from Budget 2017, seeing that the state government has already introduced affordable home programmes a few years ago.

PR1MA chief executive officer Datuk Abdul Mutalib Alias said with the new end financing scheme, more than 74% or 980,000 PR1MA registrants would have increased accessibility to house loans.

Among the initiatives are Felda Next Generation Housing Project, Felcra Second Generation Housing Project and Risda Second Generation Housing Project, aimed to help the second generation settlers.

Government lands will be made available for the building of 30,000 affordable homes in the country, Prime Minister Datuk Seri Najib Razak said in his Budget 2017 speech today.

“This budget has a special focus on inclusiveness, such as helping to manage rising cost of living and enabling home ownership among the new joiners to the job market."

Stamp duty exemption doubled to 100% on instruments of transfer and housing loan instruments to help reduce the cost of first home ownership. Exemption limited to houses valued up to RM300,000 for the period of Jan 1, 2017 to Dec 31, 2018.

Stamp duty will be exempted for property transfers and housing loan instruments to help reduce the cost of first-time home ownership.

The construction sector is expected to expand 8.7% in 2016 compared with 8.2% last year, said the Ministry of Finance in its 2016/2017 Economic Report