Real Estate Industry Hopes Govt Will Extend Stamp Duty Exemption In Budget 2027
KUALA LUMPUR, Sept 7 (Bernama) -- The real estate industry hopes the government will extend the first-time homebuyer stamp duty exemption in Budget 2027, along with other measures to improve housing affordability.
Industrial real estate agency Juwai IQI’s co-founder and group chief executive officer Kashif Ansari said the exemption saves buyers as much as RM11,250 and is currently scheduled to be in place through Dec 31, 2027.
“The stamp duty exemption involves removing the stamp duty on both the transfer instrument and the loan agreement for Malaysians buying their first home priced up to RM500,000.
“The extension is a vital measure because it helps more than three out of four buyers. Homes worth RM500,000 or less, which are covered by the exemption, make up about 76 per cent of all residential purchases,” he said in a statement.
Kashif emphasised that with the exemption, buyers pay nothing on the transfer and loan agreement.
“Not extending the exemption in Budget 2027 could also undermine the supply of good affordable housing.
“Any uncertainty regarding what will happen to the exemption in 2028 could cause developers to shelve proposed projects right now, in 2026,” he said.
Kashif said that the government needs to help buyers obtain mortgages in the affordable band, where loan rejections are highest.
He said three out of five loan applications are rejected, and the real estate industry wants to make it possible for people who can afford to buy a home to obtain the mortgage they need.
Kashif said the industry would like to see the government bring back the Home Ownership Campaign, which gives buyers not just the stamp duty exemption but also a developer discount.
“The Home Ownership Campaign could save a typical young couple buying a RM450,000 first home about RM45,000, in addition to the stamp duty savings of around RM10,000,” he added.
-- BERNAMA