50% stamp duty waiver

30/08/2008 The Star

THE Government has proposed that the 50% stamp duty exemption be extended to loan agreements to further reduce the cost of buying medium-cost houses of up to RM250,000.

Before that, a 50% stamp duty exemption was given only on the instrument of transfer for the purchase of medium-cost houses.

At present, buyers of low-cost houses are given full stamp duty exemption on all instruments, including loan agreements.

> The Government will extend the tenure of new government housing loans from 25 years to 30 years as well as provide loan facility for renovation work on houses not purchased through government housing loans.

It will also extend the housing loan insurance panel to all eligible insurance companies from the present five insurance companies,

> An allocation of RM330mil is provided to the National Housing Department to complete 6,500 units to be rented out or owned under the People’s Housing Programme in 2009.

In addition, Syarikat Perumahan Negara Berhad will build 33,000 low-cost houses.

> The Government will increase the Housing Credit Guarantee Scheme fund to RM100mil, enabling it to guarantee loans amounting to RM2bil.

About 40,000 borrowers will benefit from this scheme, from which borrowers can get housing loans from all local financial institutions to purchase low- and medium-cost houses.