As a part of the nation’s Economy Recovery Plan, Prime Minister Muhyiddin Yassin has announced several tax incentives with one of them being the Home Ownership Campaign (HOC) making a return since its launch in November 2019. The new campaign would include stamp duty exemption on name transfer letters and loan agreement on home purchase of RM300,000 to RM2.5 million worth.
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The stamp duty exemption on name transfer letters are limited to the first RM1million of the home’s price while it would be exempted fully for financing agreement and is applied on all signed agreements dated 1st June 2020 to 31st May 2021. Developers are subjected to the terms by giving a minimum of 10% discount.
Meanwhile, Real Property Gains Tax would be waived for Malaysian citizen individuals on its profit gained from selling their property from 1st June 2020 to 31st December 2021, limited to 3 units per individual.
The Home Ownership Campaign also includes that the financing limit for third home loan of RM600,000 and above is no longer subject to 70% of the value, but subjected to the financial institution’s internal risk management.