PETALING JAYA: The government has set a target of 100% home ownership by Malaysians, says local government development minister Nga Kor Ming.
“So far 76.9% of Malaysians already own a house but we are targeting 100%,” Bernama reported him as saying after a working visit to Ipoh today.
Nga said the move to continue offering the 100% stamp duty exemption for the purchase of a property priced below RM500,000, for first-time house buyers, was expected to help more Malaysians own a house.
“This is one of the ways to help achieve the 100% home ownership target,” he said.
On Friday, the finance ministry announced that first-time house buyers would continue to enjoy the 100% stamp duty exemption via the i-Miliki home ownership initiative.
Under the same scheme, a 75% stamp duty exemption will be given for first-time home ownership for houses priced between RM500,000 and RM1 million.
The stamp duty exemption applies to sale and purchase agreements executed between June 1, 2022 and Dec 31 this year.
The stamp duty exemption is for transfer documents and loan agreements.
Nga urged developers to take advantage of the initiative to promote their residential properties.