Extend Malaysian stamp duty exemptions to secondary units: agents to government

First-time home buyers should derive benefits from the Home Ownership Campaign (HOC) even if their desired units are on the secondary market, according to the Malaysian Institute of Estate Agents (MIEA) via The Sun Daily.

While the institute appreciates the scheme initiated by the finance ministry, it is critical that the government “should not close the door to first-time property buyers by limiting incentives to only properties offered by developers,” it said in a statement Monday.

HOC offers stamp duty exemptions on instrument of transfer for properties worth MYR300,001 to MYR1 million and loans up to MYR1 million.

“There are significantly more varieties of homes at affordable prices for first-time home buyers within the secondary property market. Based on this premise, we should allow for the exemption of stamp duties to cover the purchase of homes within the secondary market by first-time buyers,” it added.

As the “bedrock” of the property sector, the secondary market sustains the real estate industry and propels its growth, MIEA stressed.

“We also request Bank Negara Malaysia to study and implement a fair and equitable loan approval and streamlined process for first time buyers and/or set up a special revolving fund to fund these buyers,” the association also suggested.

“This will allow for a shift in the dynamics of the property market, not only allowing for the disposal of ‘overhang’ properties but also unsold completed projects that are vacant.”