First-time house buyers will continue to enjoy a 100 per cent stamp duty exemption for purchases not exceeding RM500,000 via the Malaysian Home Ownership Initiative (i-Miliki) as provided for under Budget 2023, said the Finance Ministry (MoF).

It said a 75 per cent stamp duty exemption will also be given for first-time home ownership for houses priced at between RM500,000 and RM1 million under the i-Miliki initiative.

“This stamp duty exemption applies to sale and purchase agreements executed from June 1, 2022, until Dec 31, 2023,” the ministry said in a statement on Friday.

It said the exemption comes under the Home Ownership Programme (HOPE), where first-time buyers are given stamp duty exemption on transfer documents and loan agreements.

The move is aimed at encouraging home ownership among the people, the statement said.

The MoF also said the stamp duty on instruments of transfer of ownership of real estate by way of love and affection between parents and children, and between grandparents and grandchildren, is also fully exempted, limited to the first RM1 million of the property’s value.

“The remaining balance of the property’s value is subject to the ad valorem duty rate with a 50 per cent remission of the stamp duty chargeable.

“This stamp duty exemption applies to real estate transfer documents executed from April 1, 2023,” it added.

Source: Bernama