If you are looking to buy a house in 2023 and this is your first house, you should know there is a new stamp duty exemption coming your way. Read this article.
The Budget 2021 was approved, and it has included a list of National Budgetary requests in that Budget, including a new stamp duty exemption for a first-time house buyer.
If you are looking to buy your first home next year, this stamp duty exemption can save you tons of money.
Let’s take a look, shall we?
STAMP DUTY EXEMPTION FOR THE PURCHASE OF FIRST RESIDENTIAL HOME
The Government will provide 100% stamp duty exemption on the instrument of transfer and loan agreement for the purchase
of a first residential home value priced up to RM500,000 by Malaysian citizens.
For the first home’s purchase up to RM500,000, stamp duty on the transfer and loan agreement instrument is fully exempted from the property’s value.
The Sale And Purchase Agreement has to be executed from 1 January 2021 to 31 December 2025.
EXTENSION OF PERIOD OF STAMP DUTY EXEMPTION TO REVIVE ABANDONED HOUSING PROJECTS
To support efforts in reviving abandoned housing projects, stamp duty exemption is given on the following instruments:
i. Rescuing Contractor/Developer
a. loan agreements to finance the revival of the abandoned housing projects; and
b. instruments of transfer of title for land and houses in abandoned housing projects.
ii. Original House Purchaser in the Abandoned Project:
a. loan agreements for additional financing; and
b. instruments of transfer of the houses.
These exemptions are given on the above instruments executed from 1 January 2021 to 31 December 2025.
The eligible abandoned housing projects must be certified by the Ministry of Housing and Local Government.
These are the two main stamp duty exemptions for the year 2023, and please do take advantage of it. And hopefully, this will ease the burden of buying your first house.
If you’re looking to buy a new home and want to know how much are the Lawyer fees and Stamp duty for buying a house.
You can request a quotation from us by fill up the below form, or if you have any further about the stamp duty, feel free to reach us at 012-6946746.
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See you in my next article.
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