05/11/2021
⭕️⭕️ Alert Alert First Home Buyer !
Do you know that full stamp duty is waived for first-time home buyers until 2025 ?
You read that right! The Malaysian government announced that stamp duty exemptions on for memorandum of transfer documents (MOT) and loan agreements will be provided for first time home buyers who purchase a residential property from 1 January 2021 to 31 December 2025. The generous discount is for homes priced up to RM500,000 and the Sales and Purchase Agreement (SPA) must be executed and signed within the stipulated period.
Currently, the government is running the HOC 2020 (Home Ownership Campaign) until May 2021 which provides similar stamp duty exemptions, but these are limited to only new launch properties – the HOC extension was previously announced by PM Tan Sri Muhyiddin Yassin during the short-term economic recovery plan, PENJANA in June. Numerous industries, real estate included took a heavy beating during the Movement Control Order (MCO) period.
It is promising to note that the government has extended the stamp duty exemptions to the secondary market under Budget 2021, further providing opportunities for property seekers to explore subsale properties. Enjoying free MOT and not having to pay stamp duties will make it easier for first time home buyers to get onto the property ladder – a home which is selling for RM500,000 will cost you RM11,250 in stamp duties!
