“2019 to buy a house must know 7 things”

❶[Low-cost housing] monthly salary of RM 2,300 or below can buy a 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 of RM150,000 or less at 3.5% ultra-low interest.

❷【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].

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

❹[Mid-price house] can buy a house with P2P
Want to buy a property of RM200,000–RM700,000, in addition to borrowing money from the bank, you can also borrow from P2P [Peer-to-peer]. Pay 20% by yourself and borrow the rest on the P2P platform.
For more information, please visit: www.fundmyhome.com

❺【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% [Malaysian citizen] industrial profit tax! Profit tax can be taxed by the government after deducting legal fees, real estate agency fees, and maintenance fees.
Note: Disposal of the first property will not be taxed!
Reminder: Remember to collect the documents for renovation and other expenses.

❻[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.

❼[All houses] New homes reduced by 10%
The Malaysian Real Estate Developers Association has agreed to lower the price of new homes by 10%. However, the built houses are not included.
Warm reminder: It is more cost-effective to measure “tax deduction” or “price reduction of 10%” before purchase.