Good News : Stamp Duty Exemption for first-time home buyers !

Our Prime Minister Datuk Seri Ismail Sabri Yaakob today announced :

  • 100% stamp duty exemption for first-time homeowners of properties priced RM500,000 and below through the Keluarga Malaysia Home Ownership Initiative (i-MILIKI) initiative.
  • He added a stamp duty exemption incentive of 50%, meanwhile, will be given for homes priced above RM500,000 to RM1 million.
  • Mean while the exemption is for sales and purchase agreements completed from June 1 2002 to December 2023.

How is stamp duty calculated in Malaysia?

For instance, when purchasing a property which costs RM750,000, you will have to pay a total of:

{(First RM100,000 X 1%) + (Next RM400,000 X 2%) + (Remaining RM250,000 X 3%) } + 0.5% of loan amount (90% of RM750,000) + RM10 for stamp duty on SPA
= {RM1,000 + RM8,000 + RM7,500} + 0.5% X (RM675,000) + RM10
= RM16,500 + RM3,375 + RM10

In the event that you are a planning to purchase a property for the very first time, now is the right time.