Another good news for first time homebuyer! Under Budget 2013, government is extending the 50% stamp duty exemption for another 2 years, until 31 December 2014.
- Applicable for S&P agreement executed from 1 January 2013 to 31 December 2014
- Applicable for property price not more than RM400,000
- Applicable for S&P agreement executed from 1 January 2011 to 31 December 2012
- Applicable for property price not more than RM350,000
The exemption is applicable only for buying first residential property e.g. flat, apartment, serviced apartment, condo, landed house.
Stamp Duty Rates
First RM100,000 = 1%
Next RM400,000 = 2%
Thereafter = 3%
For example: If the property price is RM400,000, the calculation is,
First RM100,000 @ 1% = RM1,000
Next RM300,000 @ 2% = RM6,000
Total Stamp Duty = RM7,000
50% Stamp Duty Exemption = RM3,500
Total Payable Stamp Duty (after 50% exemption) = RM3,500