Image via master1305/Freepik and senivpetro/Freepik; Edited by LITE
With the current economic climate, you might be wondering if investing in a property now is actually a good call. Some might outright say no, but here are few things to take into consideration before rejecting the idea:
Home Ownership Campaign
The Home Ownership Campaign (HOC) is the Government’s initiative designed to support homebuyers looking to purchase properties.
The campaign first began in 2019 but was revived effective June this year, as announced by Prime Minister Tan Sri Muhyiddin Yassin.
Here are some of the financial incentives offered:
#1 Full stamp duty exemption for properties worth below RM1 million
Successful applicants don’t have to pay a single cent for stamp duty on Instrument of Transfer for residential home purchases that cost RM1 million and below.
#2 Partial stamp duty exemption for properties worth between RM1 million and RM2.5 million
For houses worth less than RM2.5 million but more than RM1 million, you only need to pay a 3% stamp duty on Instrument of Transfer, compared to the usual 4%.
#3 Exemption on stamp duty for Instruments on Securing Loans
If you didn’t already know, you need to pay for stamp duty on acquiring loans too, but under HOC, it’s fully exempted.
#4 MINIMUM 10% discount on houses
Besides getting to benefit from all the stamp duty exemptions (which is a lot of money saved, by the way!), you can enjoy further reduction on the price of properties too. At the very least, you can get 10% discount off selected residential housing projects. Some developers may even offer more!
Eligibility for HOC
Want to know if you're eligible for HOC? Here are some terms and conditions to be aware of:
- The discounts are only offered to properties listed by developers within the scheme.
- The incentives are only for residential properties, not commercial.
- Purchasers and/or co-purchasers must be Malaysians.
- The SPA agreement must be stamped between 1 June 2020 and 31 May 2021.
Image via Freepik
Low Interest-Rate Environment
Globally and in Malaysia, interest rates have been lowered by respective central banks to revive economies. This means lower lending rates from financial providers, which means borrowers (you!) effectively pay less on interest too, making your overall monthly repayment amount more affordable.
Did you know? Maybank recently hosted its inaugural Virtual Property Fair, featuring over 60 developments nationwide, with a Gross Development Value of RM15 billion!
In case you missed it, check out the e-brochure from the Maybank event. You’ll find tons of insights as well as an amazing array of properties on offer.
Image via Freepik
Consider taking advantage of the benefits available through HOC to make your home purchase this year.
For financial assistance, get in touch with Maybank’s mortgage experts by contacting Maybank Premier or Maybank Privilege at premierwealth@maybank.com.my or privilege.support@maybank.com.
Alternatively, you can visit your nearest Maybank branch to speak to a Mortgage personnel.