The Real Estate and Housing Developers’ Association (REHDA) Malaysia has expressed the opinion that i-Miliki exemptions should be extended to all Malaysian home purchasers, rather than just first-time homeowners.
Datuk NK Tong, president of REHDA, stated that many homeowners who wish to upgrade or have received property as inheritance are unable to benefit from the i-Miliki exemptions. “The incentives would go a long way in assisting this group of buyers,” he emphasized.
REHDA applauded the government’s recent gazettement of the Malaysian Home Ownership Initiative (i-Miliki), a measure aimed at stimulating the housing industry and facilitating homeownership for first-time buyers. Under i-Miliki, first-time purchasers of homes priced at RM500,000 and below are fully exempted from paying stamp duties on the Memorandum of Transfer (MOT) and loan agreement. Additionally, first-time purchasers of residential units priced above RM500,000 up to RM1 million will receive a 75% remittance on the two stamp duties. The initiative began on June 1, 2022, and is set to end on December 31, 2023.
Tong expressed hope that the authorities would consider extending the deadline for i-Miliki, as many Malaysians may not be aware of the initiative, which is scheduled to conclude in just over six months.
During a time when the economy is recovering and impacting the B40 and M40 groups, Tong stated that i-Miliki is a much-welcomed initiative to assist Malaysians in homeownership. He commended the Unity Government’s fiscally responsible approach and stated that it aligns with the government’s agenda to promote homeownership.
Tong also highlighted the statement by Minister of Local Government Development, Nga Kor Ming, who stated that Malaysia has achieved a homeownership rate of 76.9%, one of the highest in the world. He believes that the stamp duty waivers for first-time homebuyers will further encourage an increase in the homeownership rate.