KUALA LUMPUR, Dec 29 — The Finance Ministry announced today a 100 per cent exemption in stamp duty payment for first-time house buyers.
Its Minister Lim Guan Eng said the move was primarily to increase home ownership among Malaysians as well as to boost the sluggish residential real estate market that has resulted in an overhang of unsold developer units.
“As announced in Budget 2019, the Pakatan Harapan Government has agreed to give 100 per cent stamp duty exemption as incentive for the purchase of first homes,” he said in a statement.
However, the exemption is not without its caveats.
The minister said full exemption will be given to those whose first homes cost between RM300,001 and RM1 million and are bought direct from developers, between January 1 and June 30 next year.