Prime Minister Datuk Seri Ismail Sabri Yaakob has announced the Keluarga Malaysia Home Ownership Initiative (i-MILIKI), which offers a 100% stamp duty exemption for first-time homeowners who purchase properties priced RM500,000 and below. This is in conjunction with the launch of the Home Ownership Programme (HOPE) and Karnival Jom Beli Rumah.

Meanwhile, homeowners who purchase properties priced between RM500,000 to RM1 million will be able to benefit from a stamp duty exemption of 50% under the same initiative. “The exemption is for sale and purchase agreements completed from 1 June 2022 to December 2023,” said the prime minister, adding that the exemption applies to the instrument of transfers and loan agreements for the purchase of a first house through the house pricing tier.

Datuk Seri Ismail Sabri also highlighted that although this i-MILIKI exemption will cost the government some revenue, it is still introduced as a show of commitment to the Malaysian Family. It will serve as the continuation of some incentives that have already been rolled out thus far to increase home ownership among Malaysians, including the ongoing Home Ownership Campaign (HOC).

For context, HOC is a separate initiative that was introduced much earlier, providing similar stamp duty exemptions and other discounts. For instance, under HOC 2020 – which ended back in May 2021 – stamp duty exemptions were offered, but only for selected properties and capped at a specified value of the property. Meanwhile, the current HOC allowed full stamp duty exemptions for memorandum of transfer documents and loan agreements for first-time homeowners who purchase a residential property (worth up to RM500,000) between 1 January 2021 to 31 December 2025.

“For the record, the Inland Revenue Board (LHDN) said that stamp duty exemption claims under the HOC are RM957.8 million. In fact, the highest stamp duty exemption claim is for homes priced RM500,000 and below,” shared Datuk Seri ismail Sabri.

Meanwhile, with regard to the Home Ownership Programme (HOPE), Datuk Seri Ismail Sabri reiterated that the government is committed to promoting housing for all walks of life, especially the B40 group. “In this regard, the government’s commitment in ensuring the provision of adequate, quality, and affordable housing must be empowered by all housing providers, including the private sector. In fact, home ownership should be supported by a financial institution ecosystem that is more supportive,” he said.

Finally, Datuk Seri Ismail Sabri said that educational programmes such as Kempen Bijak Beli Rumah and Own While Young must be intensified. “This will surely help members of Keluarga Malaysia, especially first-time homeowners gain knowledge about property ownership and make it easier for them to buy their dream home according to financial ability,” he emphasised.

(Source: Malay Mail)

• TAGS:
• Datuk Seri Ismail Sabri Yaakob
• HOC
• Home Ownership
• Home Ownership Campaign
• Home Ownership Programme (HOPE)
• Lembaga Hasil Dalam Negeri
• LHDN
• Stamp Duty Exemption