Ministry wants stamp duty scrapped for houses worth RM500,000 to RM1mil

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Housing minister Reezal Merican Naina Merican says the ministry has requested full stamp duty exemption for first-time owners of houses worth RM500,000 to RM1 million in the 2023 budget. (Bernama pic)

KEPALA BATAS: The housing and local government ministry hopes that its application for 100% stamp duty exemption for first-time owners of properties worth RM500,000 to RM1 million would be approved at the tabling of the 2023 budget next month.

Its minister, Reezal Merican Naina Merican, said that currently, full stamp duty exemption was only for first-time owners of properties priced RM500,000 and less through the Keluarga Malaysia Home Ownership Initiative, while houses priced between RM500,000 and RM1 million were given 50% exemption.

“I hope the finance ministry will consider this because property buyers in this price range (RM500,000 to RM1 million) usually come from the M40 group.

“I do not want us to be seen as only defending the needs of the B40 group and I hope this application will be approved, on condition that it is for the first house,” he told reporters after launching the Karnival Jom Beli Rumah Wilayah Utara here, adding that he hoped developers would give a discount of 10% to the buyers.

Reezal also said he hoped that Skim Jaminan Kredit Perumahan (SJKP), which provides financing guarantees totalling RM2 billion under the 2022 budget, would be continued under the next budget, to be tabled on Oct 7.

He said the scheme enabled those who can afford to buy but did not have income documents (pay slips) or fixed income, to obtain mortgage financing of up to 100% from selected financial institutions.