Finally, our Prime Minister Datuk Seri Najib Abdul Razak tabled the latest Budget 2011 in Parliament on 15 October 2010. Here are some of the proposals related to the property industry: –
My First Home Scheme – 100% housing loan will be allocated for those with household income lesser than RM3,000 per month via Cagamas Berhad. Down payment of 10% is guaranteed by government for houses costing below RM220,000.
Instruments of Transfer Stamp Duty Exemption – 50% discount for residential property below RM350,000. It is applicable to first residential property and can be claimed once only.
Loan Agreement Stamp Duty Exemption – 50% discount for residential property below RM350,000. It is applicable to first residential property and can be claimed once only.
Low Cost Housing Financing Scheme – Allocation of RM50 million for all permanent Malaysian estate workers to obtain housing loan up to maximum of RM60,000 for buying low cost houses at 4% interest rate and loan tenure up to 40 years.
Affordable Homes For Poor and Low Income Group – Allocation of RM568 million to build thousand of affordable homes under these projects: –
Urban Housing Aid Project – 300 units
Public Housing Programme – 79,000 units
Projek Bantuan Rumah Sewa – 8,000 units
Malaysian Rubber Board Land in Sungai Buloh – Allocation of RM10 billion to develop the 2,680 acres mix development and target to be completed by 2025.
100 Storey Tower – It will be the tallest building in Malaysia at a new landmark named as “Warisan Merdeka” developed by Petronas. It’s a RM5 billion integrated mega project and target to be completed by 2020.
New Highways – Guthrie-Damansara Expressway, Damansara-Petaling Jaya Highway, Ampang-Cheras-Pandan Elevated Highway, Sungai Dua-Juru Highway, Pantai Barat-Banting-Taiping Highway, Paroi-Senawang-KLIA Highway.