Thursday, March 30, 2023

PM Ismail announces i-MILIKI initiative that offers stamp duty exemption to first-time homebuyers

NewsPM Ismail announces i-MILIKI initiative that offers stamp duty exemption to first-time...

First-time homebuyers will enjoy a stamp duty exemption under the Keluarga Malaysia Home Ownership Initiative (i-MILIKI) initiative from 1 June 2022 to December 2023, says Prime Minister Datuk Seri Ismail Sabri Yaakob.

According to Bernama, he said a 100% stamp duty exemption incentive will be for homes priced RM500,000 and below, while 50% will be given for homes priced above RM500,000 to RM1 million.

The stamp duty exemption incentive is applied to instruments of transfers and loan agreements for the purchase of houses.

Ismail said this initiative will help more people in the country to own their first home and stressed that the move was the government’s commitment to Keluarga Malaysia as the initiative will reduce revenue for the nation’s coffers.

“For the record, the Inland Revenue Board said that stamp duty exemption claims under the HOC (Home Ownership Campaign) are RM957.8 million.”

“In fact, the highest stamp duty exemption claim is for homes priced RM500,000 and below,” he said this when officiating at the launch of the Home Ownership Programme (HOPE) and Karnival Jom Beli Rumah at Mid Valley Exhibition Centre on Friday (15 July).

Source: The Star

The incentive was introduced from the onset of the HOC that began in 2019 to 2021 and is still being continued for the purchase of first homes worth up to RM500,000 until 31 December 2025.

In making the housing agenda a priority without any compromise, Ismail Sabri said the government would continue existing programmes to ensure that more Malaysians own homes, especially the B40 income group.

Ismail said the programme had not only helped promote housing for all walks of life but also looked at the housing sector ecosystem holistically. 

“In this regard, the government’s commitment in ensuring the provision of adequate, quality and affordable housing must be empowered by all housing providers, including the private sector.”

“In fact, home ownership should be supported by a financial institution ecosystem that is more supportive,” he said.

Ismail then said he hoped more affordable housing that could meet the income limit of Malaysians based on locality could be provided by housing developers.

Apart from this, Ismail also said that more educational programmes such as the Kempen Bijak Beli Rumah and Own while Young campaigns would help Malaysians, especially first-time home owners to gain knowledge about property ownership and make it easier for them to buy their dream home according to financial ability. 

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