The Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz has under Budget 2021 proposed a full stamp duty exemption on both instrument of transfer and loan agreement for the first-time house buyers to encourage home ownership.
Save for the stamp duty exemption applied to Home Ownership Campaign taking effect from last June 2020, it is now extended to the secondary market.
The stamp duty exemption limit has been increased from RM300,000 to RM500,000 and it is applicable for Sale and Purchase Agreement dated from 1st January 2021 until 31st December 2025.
The first-time home buyers will enjoy the exemption of 100% stamp duty for both instrument of transfer (i.e. Memorandum of Transfer or Deed of Assignment) (stamp duty (exemption) order 2021-PU.(A) 53) and loan agreement (stamp duty (exemption) order 2021-PU.(A) 54) for the purchase of their first residential property.
Having said that, with such an incentive announced by our government, it will be a good time for you to purchase a home, especially if you are a first-time home buyer.