On 6th November 2020, Malaysia’s Budget 2021 was announced by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
The budget clearly outlines the government’s strategy on the elevating the people’s turbulence caused primarily from the pandemic – the budget will focus from appreciating COVID-19 frontliners, tax reliefs for working adults and aid for job-seekers, to incentives for youths.
However, for the people and companies behind the property market, here are the 4 key highlights to help elevate the playing field.
1. Full Stamp Duty Exemption
Full stamp duty exemption on Memorandum of Transfer (MOT) and loan agreement for the first home priced below RM500,000 – from January 2021 to December 2025.
2. Extension of Stamp Duty Exemption
The extension of the stamp duty exemption on loan agreement and MOT given to rescue contractors and original buyers of abandoned houses for another 5 years.
This exemption is effective for the loan agreements and MOT executed from January 2021 to December 2025 for abandoned housing projects certified by the Ministry of Housing and Local Government (KPKT).
3. Focusing on Low-Income Earners
RM1.2 billion provisions for the construction of comfortable and quality housing for low-income earners such as;
4. Government assistance for a Rent-to-Own scheme
Government to cooperate with selected financial institutions to provide a Rent-to-Own scheme.
This programme will be implemented until 2022 involving 5,000 PR1MA houses with a total value of more than RM1 billion and reserved for first-time homebuyers.
Are you an investor looking forward to the planning of Budget 2021?
Does it elevate or stall your future investments? Leave us a name and a member of our esteemed team will help how to approach it.
And here’s a summary of last years Budget 2020 to refresh your arguments.