The Malaysia Home Ownership Campaign (HOC) has been extended until 31st May 2021.
So what is this Malaysia Home Ownership Campaign or commonly known as HOC all about? The Home Ownership Campaign is an initiative by the Malaysian government to encourage more Malaysians to own properties or homes by providing certain exemptions and financial reliefs. This campaign started in 2019.
If you are one of those that are looking at investing in property or owning your first property, then this is definitely good news for you. However, before deciding on a property, it would be best to check with the developer or sales agent if the property is registered under the Home Ownership Campaign. Take note that not all new developments are listed under the campaign.
Alternatively, you can also check out if the property is listed in the Real Estate & Housing Developers’ Association Malaysia.
What do you benefit if you are purchasing a property which is listed under the Home Ownership Campaign (HOC) then? If the new development is registered under HOC, then you will be entitled for the following:-
- Stamp duty exemption on the loan agreement to finance the residential property purchase valued from RM300,001 to RM2.5 million.
- Stamp duty exemption on instruments of transfer for the purchase of residential property valued from RM300,001 to RM2.5 million under the HOC 2020/2021 for the first RM1.0 million of the property price. Stamp duty of 3% will be charged on the remaining value in excess of the RM1.0 million.
- Discount of 10% of property price
With all those those exemption, you are already enjoying huge savings. Now would be a very suitable time to consider on that desired new development that you have been eyeing on or dreaming about.