First time homebuyers can now receive a 100% stamp duty exemption when purchasing property at RM500,000 and below through the Keluarga Malaysia Home Ownership Initiative (i-MILIKI).
According to Prime Minister Datuk Seri Ismail Sabri Yaakob, although the stamp duty exemption will lower revenue for the nation's coffers, the measure demonstrated the government's dedication to Keluarga Malaysia.
Meanwhile, he stated that a stamp duty exemption incentive of 50% will be granted for residences valued between RM500,000 and RM1 million.
He stated that the government was taking different efforts to assist Malaysians to purchase properties, such as exempting stamp duty tax from property ownership transfers and loan agreements.
He added that the Keluarga Malaysia government will pursue existing programmes to guarantee that more Malaysians, particularly those in the B40 group, are able to own homes.
The prime minister also stated that this initiative will run from 1 June 2022 till December 2023.