THE move to continue the 100% stamp duty exemption for the purchase of a first property priced below RM500,000 is expected to help more Malaysians to own a home.

Local Government Development Minister Nga Kor Ming said the ministry’s proposal to the Finance Ministry (MOF) to continue the initiative will help the people to save up to buy a house.

“So far 76.9% of Malaysians have already owned a house. We are targeting 100% and this is one of the ways to help achieve the target,” he told reporters after a working visit in Ipoh today.

On June 9, the MOF announced that first time house buyers will continue to enjoy a 100% stamp duty exemption for purchases not exceeding RM500,000 via the Malaysian Home Ownership Initiative (i-Miliki).

In addition, the MOF said  a 75% stamp duty exemption will also be given for first-time home ownership for houses priced at between RM500,000 and RM1 million under the i-Miliki initiative.

The stamp duty exemption applies to sale and purchase agreements executed from June 1, 2022 until December 31, 2023.

The MOF said the exemption comes under the Home Ownership Programme (Hope), where first-time buyers are given stamp duty exemption on transfer documents and loan agreements.

Nga expressed his appreciation to the MOF and Prime Minister Anwar Ibrahim for accepting the ministry’s proposal to continue the initiative to maintain the momentum of the home ownership campaign among the people in the country.

He also urged developers to take advantage of the initiative, which will continue until 2025, to promote their housing projects. – Bernama, June 11, 2023.