『7 Things You Should Know in 2019』

1.【Low-cost housing】 Monthly salary below RM 2,300 can buy house at low interest rate

The government will set up a 1 billion loan fund to apply for office workers with monthly income of RM 2,300 or less to realize the dream of buying a house.

If you apply successfully, you can purchase a property below RM150,000 at 3.5% interest.

2.【Mid-price house】Exempt stamp duty

The first purchaser bought RM500,000 or below in 2019-2020, exempting the first RM300,000 real estate stamp duty [Stamp Duty on MOT] and loan contract stamp tax [Loan Agreement Stamp Duty].

3.【Medium and low-priced housing】Special 6 months discount

The first purchase family purchased RM300,001-RM1,000,000 property from January to June 2019, and can be exempted from stamp duty [Stamp Duty on Memorandum of Transfer MOT].

Tips: Pay attention to the date of paying MOT Stamp Duty after buying a house, so as not to miss the offer.

4.【Mid-price house】 Buy house with P2P

If you want to buy a property of RM200,000–RM700,000, you can borrow it from P2P [Peer-to-peer] in addition to borrowing money from the bank. Pay 20% by yourself and borrow the rest on the P2P platform.

For more information, please visit: www.fundmyhome.com

5.【Medium and high-priced houses】Industry profit tax [RPGT] improve

After the 6th year, the sale of RM200,000 or more of the property will be subject to a 5% industrial profit tax! Profit tax can be taxed by the government after deducting legal fees, real estate agency fees, and maintenance fees.

Note: The sale of the first property will not be taxed!

Tips: Remember to collect the documents for renovation and other expenses.

6.【High-priced houses】 Stamp tax increase

From 2019 onwards, for RM 1,000,000 or above, the stamp duty was adjusted from 3% to 4%.

Buying RM 1,000,000 property requires an extra RM5,000;

Buying RM 2,000,000 property requires an additional RM10,000.

If you buy a house with a price of less than 1,000,000, there is no impact.

7.【All houses】 New homes reduced by 10%

The Malaysian Real Estate Developers Association has agreed to lower the price of new homes by 10% (minimum). However, the built houses are not included.