NEW STRAITS TIMES. 17TH JULY: Mah Sing Group Bhd says the stamp duty exemption provided by i-MILIKI (Keluarga Malaysia Home Ownership Initiative) on the instrument of transfer and loan agreement will encourage more home buyers to purchase their first home.
Tan Sri Leong Hoy Kum, the company’s founder and group managing director, praised the timely announcement of i-MILIKI.
“Owning a home is a lifelong dream for many Malaysians. Unfortunately, due to financial constraints and rising living costs, obtaining appropriate financing has been a major hurdle for first-time and young homebuyers, which has been exacerbated particularly during the current challenging period following the impact of the Covid-19 pandemic.
“However, with the government taking important steps in steering the direction, we believe that all industry players and stakeholders will work together to ensure that the incentives benefit home buyers and propel the Malaysia property market,” he said.
Although the stamp duty exemption will reduce revenue for the country’s coffers, Ismail Sabri believes it will encourage Malaysians to own property.
The Inland Revenue Board has stated that stamp duty exemption claims under the HOC (Home Ownership Campaign) total RM957.8 million, he said.
The highest stamp duty exemption claim is for homes priced RM500,000 and below, he said yesterday after launching the Home Ownership Program (HOPE) and the ‘Karnival Jom Beli Rumah’ at the Mid Valley Exhibition Centre.
According to Ismail Sabri, all housing providers, including the private sector, must support the government’s commitment to providing adequate, quality, and affordable housing.
He also said that home ownership should be supported by a more supportive financial institution ecosystem.
Meanwhile, Mah Sing’s Leong said that the company’s M Series is the right product to meet current market demand, citing its affordable M Series residential developments’ positive take-up rates.
He also said that Mah Sing’s H.O.M.E sales campaign works in tandem with the i-MILIKI initiative.
Both initiatives aim to make homeownership more accessible to homebuyers, particularly first-time buyers, Leong said.
The H.O.M.E campaign, which runs from July 1 to September 30, 2022, offers no down payment, no stamp duty, easier loan approval, and lower monthly payments to homebuyers.