NEW STRAITS TIMES. 12TH JUNE: The Real Estate and Housing Developers’ Association (Rehda) Malaysia said that the Malaysian Home Ownership Initiative (i-Miliki) is a much-welcomed initiative to assist Malaysians in having their own homes, during a time when there are B40 and M40 rakyat impacted by the recovering economy.
Its president, Datuk NK Tong, said the association applauds the government for the gazettement of i-Miliki, a measure undertaken to spur the housing industry and ease homeownership for first-time homebuyers.
With i-Miliki, which is an initiative under the government’s Home Ownership Programme 2022-2023, or HOPE, purchasers of homes priced RM500,000 and below will be fully exempt from paying the stamp duties on the Memorandum of Transfer (MOT) and loan agreement, while purchasers of residential units priced above RM500,000 up to RM1 million will receive 75 per cent remittance on the two stamp duties.
The initiative began on June 1, 2022, and will end on December 31, 2023, and discounts can be enjoyed by signing the Sales and Purchase Agreement (SPA). This initiative is limited to residential-titled properties. Commercial-titled and commercial-titled under HDA properties (such as SOHO, serviced apartments) are not covered.
Tong said that the unity government continues to demonstrate a fiscally responsible approach to helping Malaysians.
“Consistent with the previously announced Budget 2023, this is another form of targeted subsidy to help the deserving rakyat,” he said in a statement today.
Tong said that combined with the MOT exemption for the transfer of houses by way of love and affection between parents and child as well as grandparents and grandchild, he believes it will assist the government in meeting its homeownership agenda.
He also commented on the statement by the Minister of Local Government Development (KPKT), Nga Kor Ming, that Malaysia has recorded 76.9 per cent homeownership, which is one of the highest in the world.
“This is a great achievement, and the stamp duty waivers for first-time homebuyers will continue to encourage a higher percentage. However, Rehda opines that such measures should be open to all Malaysians, and not limited to first-time homeowners.
“There are many homeowners who are looking to upgrade and those who have lost their ‘first-time homeowner’ card after receiving property as inheritance, and they are not able to enjoy the i-Miliki exemptions. The incentives would go a long way in assisting this group of buyers,” Tong said.
Tong said Rehda hoped that the government would consider extending i-Miliki’s deadline, as many Malaysians may not be aware of the initiative, which is only a little more than six months away.