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Budget 2021: Stamp Duty Exemptions & Rent-To-Own Schemes For New House-Buyers

Budget 2021: Stamp Duty Exemptions & Rent-To-Own Schemes For New House-Buyers

Hakim Hassan

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The government has announced for full stamp duty exemption over transfer instruments and loan agreements for the purchase of a first residential house worth up to RM500,000.

Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said this is to improve sale and purchase agreements starting 1 January 2021 to 31 December 2025.

He also said that stamp duty exemptions on loan agreements and the transfer instrument given to the rescue contractors and original buyers of abandoned homes will be extended for another five years.

Exceptions this is for a sale and purchase agreement completed from 1 January 2021 until 31 December 2025 for abandoned housing projects certified by the Ministry of Housing and Local government.

Finance Minister Datuk Seri Tengku Zafrul

Zafrul said the government will also allocate RM1.2 billion for:

  • RM500 million to build up to 14 thousand units houses under the People’s Housing Program.
  • RM315 million for the construction of 3,000 units of houses Mesra Rakyat by SPNB.
  • RM125 million for housing maintenance stratified low and medium cost as well as assistance in repairing dilapidated houses and those that suffered damage due to natural disasters.
  • RM310 million for the Government Housing Programme.

Tengku Zafrul also said that the government will also work with financial institutions selected to provide a rent-to-own Scheme.

This program will be implemented until 2022 and involves 5,000 PR1MA houses with a total value of over RM1 billion and is reserved for first-time home buyers.

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