The Malaysian Budget 2021 (Belanjawan 2021) is being tabled by finance minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz in parliament today. Below are some of the highlights pertaining to housing:
1. Full stamp duty exemption on Memorandum of Transfer (MOT) and loan agreement for the first home priced below RM500,000. This is for agreements inked in January 2021 to December 2025;
2. The extension of the stamp duty exemption on loan agreement and MOT given to rescue contractors and original buyers of abandoned and houses for another five 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. RM1.2 billion provision for the construction of comfortable and quality housing for low-income earners:
- RM500 million to build 14,000 housing units under People’s Housing Project (PPR);
- RM315 million for 3,000 units of Rumah Mesra Rakyat built by Syarikat Perumahan Negara Bhd (SPNB);
- RM125 million for maintenance of low and medium-low cost strata-housing and also for upgrading of old houses and those damaged by natural disasters;
- RM310 million for Malaysia Civil Servants Housing Programme (PPAM)
4. 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.
Source: EdgeProp.my