clock 24-08-2023
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I-MILIKI Stamp Duty Exemption Ready for Implementation in Sabah

SHAREDA President, Datuk Chua Soon Ping in a press conference today lauded the Federal Government i.e. the Ministry of Finance and Ministry of Local Government Development Malaysia to continue to offer first-time homebuyers the stamp duty exemptions or remissions on Instrument of Transfer (Memorandum of Transfer) and INstrument on Loan Agreement for the purchase of residential properties via the Malaysian Home Ownership Initiative (i-MILIKI) under the Home Ownership Programme (HOPE) 2022/2023 from 1 June 2022 to 31 December 2023.


The threshold of the residential property selling price to first-time Malaysian homebuyers is not more than RM1,000,000.



This initiative provides an exemption for residential property (completed or under construction) is defined as a house, a condominium unit, an apartment or a flat, purchased or obtained solely to be used as a dwelling house, and includes a service apartment and small office home office (SOHO) for which the property developer has obtained an approval for the Housing Development (Control and Licensing) Enactment 1978 [Sabah No. 24 of 1978] are eligible to register through SHAREDA, all other property types are not included in this exercise.



The mechanism of i-MILIKI is similar to the Home Ownership Campaign (HOC) in the past years in 2019, 2020 and 2021. 



Under the i-MILIKI, there are 2 tiers in the stamp duty rate of exemption or remission for the purchase of residential property with the original selling price as stated below:-



































Original selling price





Rate of Stamp Duty Exemption / Remission





First RM500,000





100%





Above RM500,000 to RM1,000,000





75%





The eligibility criteria for transactions in Sabah are:





  • The Sale and Purchase Agreement (SPA) is executed between 1 June 2022 to 31 December 2023


  • A discount of at least 10% of the original selling price offered by the property developer except for a residential property which is subject to controlled pricing


  • First-time homebuyers must be Malaysian citizens and confirm that they have never owned any residential property including a residential property that is held either individually or jointly 


  • The relevant residential property project and unit are registered through SHAREDA by the property developer




This initiative is much needed in the industry to boost the slowdown of the domestic demand in the property market to benefit the first-time Malaysian homebuyers that would propel the property market during this challenging period as our country is in the midst of recovery post-pandemic. We are hopeful that some of the banking schemes and incentives offered the first-time homebuyers will be friendlier and not be so restrictive to assist those without salary slips or lower fixed income earners especially from the SMEs or the gig economy workers without steady income to purchase their first house. 



On Saturday, 2nd September 2023 from 2pm to 5pm at SICC, SHAREDA PropEX 2023 will be hosting talks on “i-MILIKI stamp duty exemption” by Mr Benny Ng Su Pei, Organising Chairman of i-MILIKI and the SJKP guarantee schemes by Syarikat Jaminan Kredit Perumahan Berhad. 



For more information on PropEX, follow their facebook page at www.facebook.com/shareda.propex






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