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KUALA LUMPUR (June 5): The government wants to stimulate the property sector again and it is with this in mind that Home Ownership Campaign (HOC) will be reintroduced while there will also be stamp duty and Real Property Gains Tax (RPGT) exemptions.
The new HOC will be take place from June 1, 2020 to May 31, 2021 and incentives under the campaign include stamp duty exemption on the instruments of transfer and on loan agreements for the purchase of residential homes priced from RM300,000 to RM2.5 million, said Prime Minister Tan Sri Muhyiddin Yassin (pictured) while announcing the Penjana Short-term Economic Recovery Plan today.
The exemption on the instrument of transfer is limited to the first RM1 million of the home purchase price while full stamp duty exemption is given on loan agreements.
The waivers are effective for Sale and Purchase Agreements signed between June 1, 2020 to May 31, 2021.
Homebuyers also get to enjoy an at least 10% discount from property developers on the approved purchase price of a property.
As for the RPGT, it be will be exempted for the disposal of residential properties by Malaysian individuals from June 1, 2020 to Dec 2021, limited to three properties per individual.
Meanwhile, the 70% margin of financing limit for the third housing loan onwards for property valued at RM600,000 and above will be lifted during the HOC period, subject to the financial institution's internal risk management.
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