If buying a new home is on your mind this year, it is critical to understand the property stamp duty and how you can get a stamp duty exemption, especially for a first-time house buyer
Stamp Duty To Purchase A Property
| PROPERTY PRICE | RATES |
|---|---|
| For the first RM100,000 | 1.0% |
| From RM100,001 to RM500,000 | 2.0% |
| From RM500,001 to RM1mio | 3.0% |
| The subsequent amount | 4.0% |
Stamp Duty For Loan Agreement
| LOAN AMOUNT | RATES |
|---|---|
| Total Loan Amount | 0.5% |
In an effort to reduce the cost of ownership of first home for Malaysian citizens, the government has proposed the following stamp duty exemptions:-
The below exemption is applicable for sale and purchase agreement executed after 1 January 2021 but not later than 31 December 2025
For the purchase of only one unit of residential property the value of which is not more than five hundred thousand ringgit (RM500,000.00)
***You can refer to http://www.federalgazette.agc.gov.my
Stamp Duty Exemption to purchase a residential property
http://www.federalgazette.agc.gov.my/outputp/pua_20210210_PUA53.pdf
Loan Agreement’s Stamp Duty Exemption for the purchase of the residential property
http://www.federalgazette.agc.gov.my/outputp/pua_20210210_PUA54.pdf
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Hi, I’m buying my first house for 301k after 5months of wait, the lawyer said My request has been rejected because the property is above 300k. Is this valid?