Property Transactions Under The PENJANA Economic Recovery Plan By The Prime Minister Of Malaysia On 5th Of June 2020
The Prime Minister of Malaysia, Tan Sri Muhyiddin Yassin has announced a comprehensive economic recovery plan which involves wage subsidies and other incentives. These measures would play a key role in reforming the Malaysia economic standing of all industries by encouraging consumption as well as spending.
In this article, we will focus and discuss on the plan and policies relating to Property/Real Estate sector in Malaysia short and brief.
Reintroduction of the Home Ownership Campaign (HOC) & Stamp Duty Exemption for Purchase of Residential Homes priced between RM300,000.00 to RM2.5 million In Malaysia
- It is a stamp duty exemption on both transafer instruments and loan documentations.
- Only applicable for purchase of residential properties and therefore commercial properties such as SOHO, SOFO etc are not eligible.
- All the purchasers must be Malaysian citizens.
- The relevant Sale and Purchase Agreement must be signed and dated between 1.6.2020 to 31.5.2021.
- Only applicable for purchase of registered residential properties from developers within the HOC schemes.
- Does not apply to subsale or any secondary markets.
Waiver/Exemption of Real Property Gain Tax (RPGT) for Disposal of Residential Properties
- It is applicable for Sale and Purchase Agreement dated between 1st of June 2020 to 31st of December 2021.
- Only applicable to residential properties.
- This RPGT exemption is limited to disposal of 3 residential properties per person
Lifting the 70% Financing Cap/Limit onwards the 3rd Housing Loan during the HOC campaign
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