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100% stamp duty exemption for first-time homebuyers

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100% stamp duty exemption for first-time homebuyers

Good news for first-time home buyers

Yes, this is definitely good news for many potential homebuyers. Not sure how many first time homebuyers were waiting for this extra savings when they buy their very first property. This was just announced by Prime Minister Datuk Seri Ismail Sabri Yaakob yesterday. Please note that this is only for properties priced RM500,000 and below only. Meanwhile if the property is between RM500,001 and RM1,000,000 then they will get 50% off their stamp duty. This will be valid until December 2023.

News in bernama.com here. Prime Minister Datuk Seri Ismail Sabri Yaakob has announced that first-time Malaysian homeowners in the country will be receiving 100% stamp duty exemption for properties priced RM500,000 and below from now until December 2023. Made through the Keluarga Malaysia Home Ownership Initiative (i-MILIKI), first time Malaysian homeowners of properties priced between RM500,000 and RM1 million will also be getting 50% off their stamp duty.

The Prime Minister asserted, “For the record, the Inland Revenue Board (IRB) said that stamp duty exemption claims under the HOC (Home Ownership Campaign) are RM957.8 million. In fact, the highest stamp duty exemption claim is for homes priced RM500,000 and below.” Do read the full article here: News in bernama.com here.

I was also worried with my first property buy

My advice is that if any first-time home buyer is thinking of buying, it’s important to see where most of your money is spent every month. If most of it went to unnecessary stuffs, then this is the best time to buy that first property and channelling all these unnecessary expenses into a necessary investment. That was what happened to me for my first property. Suddenly I was extremely careful how much I spend on food, how much I spend for movies, how much I spend for anything everyday!

First property is just a start!

After my first property, it became clear to me that it’s possible to buy, work harder and be prepared for the second property. Second property was my second home, third property was in Kelana Jaya (which eventually became my home many years later when I moved to Kuala Lumpur) and 4th and so on. Remember, a journey of a thousand miles begins with the first step yeah. Starting is the hardest. I can safely tell you this was my feeling too.

Happy deciding and remember, do not buy if you could not afford. No point stressing yourself too.

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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