REHDA: i-Miliki exemptions should be provided to all Malaysians, not just first-time homeowners

• With i-Miliki, an initiative under Putrajaya’s Home Ownership Programme 2022/2023 or HOPE, first-time purchasers of homes priced RM500,000 and below will be fully exempted from paying the stamp duties on the Memorandum of Transfer (MOT) and loan agreement, while first-time purchasers of residential units priced above RM500,000 up to RM1 million will receive 75% remittance on the two stamp duties.

KUALA LUMPUR (June 12): The Real Estate and Housing Developers’ Association (REHDA) Malaysia is of the view that i-Miliki exemptions should be provided to all Malaysian home purchasers, not just first-time homeowners.

“There are many homeowners who are looking to upgrade and those who have lost their ‘first-time homeowner’ card after receiving property as inheritance, and they are not able to enjoy the i-Miliki exemptions,” said Datuk NK Tong (pictured), president of REHDA.

“The incentives would go a long way in assisting this group of buyers,” he explained.

Tong was quoted in a media release by REHDA which applauded “the government for the recent gazettement of the Malaysian Home Ownership Initiative (i-Miliki), a measure it has undertaken to spur the housing industry and ease homeownership for first-time homebuyers”.

With i-Miliki, an initiative under Putrajaya’s Home Ownership Programme 2022/2023 or HOPE, first-time purchasers of homes priced RM500,000 and below will be fully exempted from paying the stamp duties on the Memorandum of Transfer (MOT) and loan agreement, while first-time purchasers of residential units priced above RM500,000 up to RM1 million will receive 75% remittance on the two stamp duties.

The initiative began on June 1, 2022 and will end on Dec 31, 2023.

Tong also hoped that the authorities “would consider extending i-Miliki’s deadline, as many Malaysians may not be aware of the initiative which is ending only a little more than six months away”.

“During a time when there are B40 and M40 rakyat impacted by the recovering economy, i-Miliki is a much-welcomed initiative to assist Malaysians own homes,” said Tong.

“This Unity Government continues to demonstrate a fiscally responsible approach to helping Malaysians. Consistent with the previously announced Budget 2023, this is another form of targeted subsidy to help the deserving rakyat. Combined with the MOT exemption for transfer of houses by way of love and affection between parents and child as well as grandparents and grandchild which was gazetted on the same day, we believe it will assist the government to meet its homeownership agenda,” Tong added.

Tong also highlighted the statement by the Minister of Local Government Development, Nga Kor Ming that Malaysia has already recorded a 76.9% homeownership, which one of the highest in the world. “This is a great achievement and the stamp duty waivers for first-time homebuyers will continue to encourage a higher percentage,” added Tong.