Housing and Local Government Minister Zuraida Kamaruddin announced that the Home Ownership Campaign (HOC) is extended for six months, till 31 December, reported The Edge Markets.
This comes after the campaign, which started in January as an initiative under her ministry and launched by the prime minister, received good response from housing developers and home buyers. The campaign was originally slated for completion in 30 June.
Zuraida noted that the HOC was a collaboration between home developers’ associations such as the Real Estate and Housing Developers Association or Rehda, the Sarawak Housing and Real Estate Developers Association (Sheda) and the Sabah Housing and Real Estate Developers Association (Shareda).
Meanwhile, the Ministry of Finance confirmed that it has accepted the appeal of Zuraida in support of Rehda’s request to extend the campaign period for another six months.
“To encourage the increase in the level of home ownership among Malaysians and achieve the objective of reducing the number of unsold houses, the government has agreed to extend the HOC for another six months, from 1 July until 31 December. The HOC is for housing developers registered with Rehda, Shareda and Sheda,” it said.
Under the campaign, houses purchased from selected developers registered with Sheda, Rehda and Shareda and priced from RM300,000 to RM2.5 million, would get a discount of at least 10%.
Also given as an incentive is a 100% stamp duty exemption for the first RM1 million of the houses’ price, with the remaining amount subject to a 3%. There is also a 100% stamp duty exemption covering the whole loan agreement.