By September 29, 2012 0 Comments

Malaysia Budget 2013 on Property

Malaysia Budget 2013 on Property

Malaysia Budget 2013

The Budget 2013 was presented by our Prime Minister yesterday and he has announced that a total allocation of RM251.6 billion will be available for next year.

The 2013 Budget will focus on improving the quality of life of the rakyat, ensuring sustainable economic growth, spending prudently and reducing the fiscal deficit with the overall objective of prioritising the well-being of the rakyat. The Government will ensure that the rakyat enjoys excellent services and obtains maximum benefits from the implementation of development projects and programmes.

The 2013 Budget is designed based on the theme “PROSPERING THE NATION, ENHANCING WELL-BEING OF THE RAKYAT: A PROMISE FULFILLED”

In the Budget 2013, Prime Minister has announced some good news for Malaysian with regards to house, property etc. Lets see some of the highlights :

  • RM1.9 billion to be allocated to build 123,000 affordable housing units in strategic locations, to be implemented by PR1MA, Syarikat Perumahan Nasional Bhd and Jabatan Perumahan Negara.
  • A total of RM500 million will be spent by PR1MA to build 80,000 houses in major locations nationwide with the selling price ranging between RM100,000 and RM400,000 per unit. Among the locations are Kuala Lumpur, Shah Alam, Johor Bahru, Seremban and Kuantan.
  • Real property gains tax (RPGT) from disposal of properties made within two years of date of purchase to be taxed at between 15 per cent and 10 per cent of disposal of property within a period of two to five years. For property disposed of after five years from the date of acquisition, RPGT is not applicable
  • RM100 million to be allocated to Housing and Local Government Ministry to revive 30 abandoned housing projects, and tax incentives to private sector to encourage its involvement in reviving the projects.
  • My First Home Scheme, which was launched under the previous Budget, will be improved by increasing the income limit for individual loans from RM3,000 to RM5,000 per month or joint loans of husband and wife of up to RM10,000 per month. In addition, the requirement for a savings record equivalent to three months instalment and minimum employment of six months will be abolished.
  • In the 2009 Budget, the Government had given a 50% stamp duty exemption on the instrument of transfer agreements and loan agreements for the purchase of the first residential property of up to RM350,000. The Government proposes that the stamp duty exemption is extended to 31 December 2014 with the price limit on residential properties raised to RM400,000.

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