How To Calculate Stamp Duty 2024 – Stamp Duty Waiver For First-Time House Buyer

Lots of people talking about buying a house. But, one thing a home buyer should know is how much the stamp duty will cost when buying a new house.

Today, we’re going to share the simple calculation of stamp duty and also the stamp duty waiver for first-time house buyer.

HOW TO CALCULATE STAMP DUTY?

Here is the stamp duty scale.

2024 STAMP DUTY SCALE (From 1st July 2019)

Stamp duty Fee 1% : For First RM100,000

Stamp duty Fee 2% : RM100,001 To RM500,000

Stamp duty Fee 3% : RM500,001 and RM1,000,000

Stamp duty Fee 4% : >RM1,000,000

For example, if you’re buying a house amounting RM300,000.The total stamp duty is :-

Stamp duty Fee 1% : For First RM100,000 = RM1000.00

Stamp duty Fee 2% : RM100,001 To RM300,000 = RM4,000.00

Total stamp duty have to pay is RM5,000.00

So this is total stamp duty, you can add legal fees, disbursement fees, valuation fees and other fees to estimate how much the cost of buying the house.

A good news for First-Time House buyer! Woohoo!

With the generosity of Malaysian Government and to increase the purchasing house for first-time house buyer, the government had implemented a stamp duty exemption.

Criteria For First-Time House Buyer Stamp Duty Waiver:

  1. Must be first-time house buyer. Never buy a house before and never inherited any property.

  2. The Property Price must be not more thanRM500,000, if purchased between 1st January 2021 to 31st December 2025.

  3. Stamp duty exemption is capped at not more than RM500,000 on the property market value and loan amount.

The house below RM500,000 don’t need to pay Stamp Duty?

Now, we’re going to give you a second example.

Let’s said, using the same example, based on RM300,000 purchase price.

Stamp duty Fee 1% : For First RM100,000 = RM1000.00

Stamp duty Fee 2% : RM100,001 To RM300,000 = RM4,000.00

Total stamp duty have to pay is RM5,000.00

Due to, for first-time house buyer there is an exemption of Stamp Duty for property less than RM500,000, therefore you’re not required to pay anything.

How about for Purchase Price Above RM500,000?

Okay for the third example, if the Purchase Price is RM550,000.00.

The Actual Calculation of Stamp Duty is :-

Stamp duty Fee 1% : For First RM100,000 = RM1000

Stamp duty Fee 2% : RM100,001 To RM500,000 = RM8000

Stamp duty Fee 3% : RM500,001 To RM1,000,000 = RM1500

Total stamp duty have to pay is RM10,500.00

So, you need to pay RM10,500.00 for the stamp duty without the stamp duty exemption.

More Good News! Stamp Duty Exemption For Loan Agreement Stamp Duty!!

Yes, not only the exemption applies to Property transfer stamp duty but also to Loan Agreement Stamp Duty. Is that good or what!!

How To Calculate Loan Agreement Stamp Duty?

It’s actually quite simple to calculate Loan Agreement Stamp Duty. There are no scale fees, it’s a flat rate of 0.50% from the Total Loan Amount.

For Example,

If the loan amount is RM300,000.

The Loan Agreement Stamp Duty will be RM300,000 x 0.50% = RM1500.00

And if you’re first-time house buyer, this RM1500 will be exempted. Meaning, you’ll pay ZERO!

Another Example,

How about if the loan amount is RM400,000.

The Loan Agreement Stamp Duty will be RM400,000 x 0.50% = RM2000.00

And again, if you’re first-time house buyer, the amount you need to pay is:-

RM2000- RM2000 = RM0.00

Note : up to RM500,000 purchase price stamp duty exemption only applicable from 1st January 2021 to 31st December 2025

Do You Realise How Much Saving You Get??

Let’s do a calculation based on RM500,000 Purchase Price And Loan Amount RM450,000 ( margin of finance 90%) to see how much First-time House Buyer can save $$ on their Stamp Duty.

For Property Price of RM500,000

The Actual Calculation of Stamp Duty is ( before first-time house buyer stamp duty exemption) :-

Stamp duty Fee 1% : For First RM100,000 = RM1000

Stamp duty Fee 2% : RM100,001 To RM500,000 = RM8000

Total stamp duty have to pay is RM9,000.00

After first-time house buyer stamp duty exemption : RM9000-RM9000= RM0.00 ( Stamp Duty to pay)

Saving Amount : RM9,000.00

Note : up to RM500,000 purchase price stamp duty exemption only applicable from 1st January 2021 to 31st December 2025

For Loan Amount : RM450,000

The Actual Calculation of Stamp Duty is ( before first-time house buyer stamp duty exemption) :-

RM450,000 x 0.50% = RM2250.00

After first-time house buyer stamp duty exemption : RM2250-RM2250= RM0.00 (Stamp Duty to pay)

Saving Amount : RM2,250.00

Note : up to RM500,000 purchase price stamp duty exemption only applicable from 1st January 2021 to 31st December 2025

Grand Total Stamp Duty Saving For first-time house buyer is RM11,250.00. Wow!!

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