Client Question:
Is it true that the transfer of ownership has to be done after five years of staying in the property?
How much is the stamp duty?

MHL Answer:
Once the property completed, the transfer of ownership can be done.
However, there is a specific house like under 1Malaysia People’s Housing (PR1MA) program where there is restriction like moratorium (freeze) on the resale of homes or transfer of ownership within 5 -10 years.

And another reason people opt to transfer the property after five years is because of the property still charge to a bank.

If your property still charges to a bank, when there is a transfer of ownership, the existing loan needs to redo again.

And if the existing loan still under lock-in period, there will be a penalty fee. A penalty period usually will be over after 3-5 years.
So, many will opt to transfer their property after five years.

The stamp duty rates before 30th June 2019 is as below.
For the first RM100,000 is 1%
RM100,0001 to RM500,000 is 2%
RM500,001 to RM2,500,000 is 3%
RM2,500,001 onward is 4%

The stamp duty rates effective 1st July 2019 is as below.
For the first RM100,000 is 1%
RM100,0001 to RM500,000 is 2%
RM500,001 to RM1,000,000 is 3%
>RM1,000,000 is 4%

We hope this is helpful to you.

Melissa Lee
Online Mortgage Consultant
012-6946746
www.malaysiahousingloan.net

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