According to the Finance Minister, Datuk Seri Tengku Zafrul Aziz stated that the government will set a RM10 for transfer of properties between direct families. Direct families include parents, spouses, and children, as well as grandparents and grandchildren.
Meanwhile, there will also be an increase of 25% (now is 75%, previously it was 50%) to the stamp duty exemption for property transfer and loan agreements for houses worth between RM500,001 to RM1 million, effective until 31st December 2023.
This is on top of the 100% stamp duty exemption for houses below RM500,000.
“For instance, a 75% exemption for a RM750,000 property purchase can save the rakyat up to RM15,000 (in stamp duty),” said by Finance Minister, Datuk Seri Tengku Zafrul Aziz.
Also, the personal tax rate will be reduced by 2% for Malaysians earning between RM50,000 to RM100,000 annually. In result, this will increase the cash flow in hand, the financial burden on individuals will become easier and allow them to make long-term plans such as property purchases.
Moreover, the RM3 billion allocation for Syarikat Jaminan Kredit Perumahan Bhd (SJKP) for 12,000 borrowers will surely provide some relief to residents who have without a fixed income. Who benefits from this? The answer is ''future homebuyers.''
REHDA also welcomes the Government’s renewed commitment for the lower income group with RM367mil allocation for new Program Perumahan Rakyat (PPR) projects in Terengganu and Perlis, and RM358 million for Program Rumah Mesra Rakyat.
Collectively, this will benefit more than 16,000 B40 households.
The measure to increase the allocation to construct and repair houses in rural areas from RM361mil to RM460mil, the increased ceiling rate to build new homes and the construction of 3,000 new homes including in Sabah and Sarawak further prove the Government’s dedication to ensure quality living and homes for all Malaysians.
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