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Budget 2015: Housing Sector Highlights

October 10th, 2014 Leave a comment

Youth Housing Scheme

A new scheme, Youth Housing Scheme, to be introduced with smart partnership between the Government, Bank Simpanan Nasional, Employees Provident Fund and Cagamas:

  • A funding limit for a first home not exceeding RM500,000 for married youth aged between 25 and 40 years with household income not exceeding RM10,000. The maximum loan period is 35 years.
  • The Government will provide monthly financial assistance of RM200 to borrowers for the first two years to reduce the burden of monthly installments. The Government will also give a 50% stamp duty exemption on the instrument of transfer agreements and loan agreements.
  • The Government will also provide a 10% loan guarantee to enable borrowers to obtain full financing including cost of insurance. Borrowers can also withdraw from EPF Account 2 to top up their monthly installment and other related costs.
  • However, this is only offered to the first 20,000 eligible youth on a ‘first come first served basis.

Affordable Housing Scheme

Affordable Housing Scheme to be continue with the following improvement:

  • 80,000 units to be built under the 1Malaysia People’s Housing Programme (PR1MA) with an allocation of RM1.3 billion.
  • The ceiling of household income is raised from RM8,000 to RM10,000.
  • Rent-To-Own Scheme will be introduced specifically for individuals who are unable to obtain bank financing;
  • 26,000 units to be built under People’s Housing Programme (PPR) by National Housing Department (JPN) with an allocation of RM644 million.
  • A total of 37,000 affordable units to be built under Rumah Mesra Rakyat (RMR), Rumah Idaman Rakyat & Rumah Aspirasi Rakyat programme by Syarikat Perumahan Negara Berhad (SPNB).

My First Home Scheme

The scheme to be improved by raising the ceiling price to RM500,000 in line with the stamp duty exemption. In addition, the age of borrowers to qualify for the scheme will be increased from 35 to 40 years.

Public Housing Maintenance

RM40 million will be allocated under the Public Housing Maintenance Programme. While another RM100 million will also be allocated under the 1Malaysia Maintenance Fund for maintenance of private low-cost housing.

Tax and Stamp Duty

To enable more people to own their first home and reduce the cost of buying a house, the Government has agreed to extend the 50% stamp duty exemption on instruments of transfer and loan agreements and increase the purchase limit from RM400,000 to RM500,000. The exemption will be given until 31 December 2016.

It is proposed that tax on gains from the disposal of property be self-assessed by the taxpayer effective from the year 2016.

Source: The Star Online

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