Good News for first time home buyers. HOC campaign is now extended.

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First time home buyers, all of you do not need to rush anymore. Home Ownership campaign have just been extended to 31st December 2019 as per a statement by our Minister of Finance, Lim Guan Eng. More good news, the campaign is extended to secondary property also.

Buyers can now take their time to choose for the right property. Buying a property does not cost a few ringgit only but involves hundreds of thousand ringgit. Our hard earned money. Please choose wisely. Take your time.

For those who are not aware what HOC is let me give you a brief summary.

  1. Developers will give a 10% discount on their projects. Property between RM300,000 to RM2.5 million. Developers must be registered with Real Estate & Housing Developers’ Association (Rehda) Malaysia, Sabah Housing and Real Estate Developers Association (Shareda) and Sarawak Housing and Real Estate Developers’ Association (Sheda)
  2. First home buyers in the secondary property market or from developers not registered with Rehda can also apply for stamp duty exemption under the HOC.
  3. Stamp Duty (Memorandum of Transfer) waiver for property up to RM 1 million. Thereafter 3%. Includes developers’ project and secondary property.
  4. Loan stamp Duty exemption.

Read the media release from Ministry of Finance Malaysia

This will help to boost the sluggish property market. For your information according to NAPIC report (National Property Information Centre), the number of unsold residential  property in Malaysia has increased to 32,123 units with a value of RM19.86 billion as of fourth quarter of 2018.

I think it is the right time to buy looking at how much you can save.

Let’s say you but a RM 600,000 property with at RM500,000 loan.

Memorandum of Transfer (MOT) – RM 11,500

Loan Stamp Duty                              – RM    2,500

Total                                                        RM   14,000

There you go. A savings of RM14,000 if you buy by the end of the years.

For those who have not bought a property yet, here is your second chance. Please make sure you choose wisely and only buy what you can afford.

From the desk of

Miichael Yeoh

 

Astoria1

 

 

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