The Finance Ministry (MoF) has announced that first-time house buyers will continue to benefit from a 100 percent stamp duty exemption through the Malaysian Home Ownership Initiative (i-Miliki) for purchases up to RM500,000.
Additionally, a 75 percent stamp duty exemption will be provided for first-time home ownership for houses priced between RM500,000 and RM1 million under the i-Miliki program. The MoF stated that these exemptions are applicable to sale and purchase agreements executed between June 1, 2022, and December 31, 2023.
These stamp duty exemptions are part of the Home Ownership Programme (HOPE) and cover transfer documents and loan agreements, aiming to encourage home ownership among the people. The MoF believes that this initiative will facilitate the entry of first-time buyers into the property market.
In further efforts to support homeownership, the MoF has fully exempted stamp duty on instruments of transfer of ownership of real estate based on love and affection between parents and children, as well as between grandparents and grandchildren. This exemption is limited to the first RM1 million of the property's value. For the remaining balance, ad valorem duty rates will apply, with a 50 percent remission of the stamp duty chargeable. The exemption applies to real estate transfer documents executed from April 1, 2023.
By providing these stamp duty exemptions and promoting affordable homeownership, the MoF aims to create opportunities for first-time buyers and encourage intergenerational property transfers. These measures are expected to have a positive impact on the property market and contribute to the overall economic growth of the country.