PENJANA: Govt Relaunches HOC Along With Other Initiatives To Help Home Ownership
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The government today announced initiatives to help the rakyat and one of them is with regards to home ownership.
These are the highlights from the announcement made by Tan Sri Muhyiddin Yassin.
The government reintroduces the Home Ownership Campaign.
Through this campaign, stamp duty exemptions will be granted on the deed of transfer and loan agreement for the purchase of residential houses worth between RM300,000 and RM2.5 million.
The stamp duty exemption on the transfer instrument is limited to the first RM1 million of the value of the home while the stamp duty will be fully paid on the loan agreement.
This exemption will apply to the sale and purchase agreements signed from June 1, 2020 to May 31, 2021 and is subject to a 10% discount by the developer.
Real Property Gains Tax exemption for Malaysians who dispose of their residential properties from 1 June 2020 to 31 December 2021.
This exemption is limited to the disposal of three residential units per person.
In addition, the financing limit for a third home loan of RM600,000 and above is no longer subject to 70% of the value of the home, during the duration of the Home Ownership Campaign but is subject to the financial institution’s internal risk management.
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