BM / CN

First time home buyers can now enjoy full stamp duty exemption for purchase of residential properties below the price of RM500, 000, as announced in Budget 2021. What is Stamp Duty? Stamp duty is a tax that is placed on legal documents when you purchase a home, these include documents such as property transfer and loan agreement. Two categories that include a stamp duty are the Sale and Purchase Agreements (SPA) of your home and the transfer of ownership title, which is also known as the Memorandum of Transfer (MOT). The fees are calculated based on the purchase price, 1% for the first RM100, 000; 2% on the next RM400, 000, 3% on the following amount up to RM1 million, and 4% thereafter. Stamp duty is also applied to loan agreements, where the home buyer would need to pay a stamp duty for the loan agreement based on a flat rate of 0.5% of the loan amount. The exemption offer is only valid from 1 January 2021 to 31 December 2025. Sounds complicated? Let’s take our new home launch Oak2 as an example, where if you buy now you can save more than RM28,000 with the exemption fees and developer promotion. Double storey link home, Oak2 price starts from RM384, 800, let’s say you’re taking a 90% loan for 30 year period, have a look at the table below to see how much you can save with the stamp duty exemptions. On top of the RM8, 427 that you will save, homebuyers will also enjoy cash rebates of RM20,000 on selected new homes in Bandar Baru Sri Klebang, as the masterplanned town celebrates 20 years of building quality homes and understanding what makes a good #HomeLife. With more than RM28, 000 saved and together with OPR cuts leading to lower interest rates for home loans [read more here], now might just be the best time for you to buy a property especially if you are a first-time homebuyer and is planning a fresh start for your family. If you have any questions regarding the stamp duty exemptions or would like to know more about our latest promotions, do have a chat with our friendly and knowledgeable sales advisors at 012-500 8018. We’re here to help to guide you through the process of getting into your dream home. You can also tour new homes through our virtual tour platform or visit our show homes daily, from 10am – 6pm.