Both the stamp duty will be imposed by your SPA lawyer and Loan lawyer respectively. It is important to inform your lawyers regarding your first residential home purchase so that they can quote the correct legals for you.
For house under RM300,000 - Stamp duty will be waived if you purchase a residential property for the first time.
For house from RM300,000.01 to RM500,000 - The first 300k stamp duty will be waived and buyer is required to pay for the remaining stamp duty amount.
Example of Property Stamp Duty for RM400,000 property.
Instead of having to pay RM7000, you only have to pay RM2000 stamp duty because the first RM300000 stamp duty is RM5000 will be waived.
| Selling price/market value of the property (whichever is higher) : | RM | ||||||
| First RM 100,000 | : RM 100,000 | 1% | RM : 1,000 | ||||
| RM 100,001 to 500,000 | : RM 300,000 | 2% | RM : 6,000 | ||||
| RM 500,001 and above | : RM 0 | 3% | RM : 0 | ||||
| ------------------- | ---------------- | ||||||
| Total | : RM 400,000 | RM: 7,000 | |||||
| |||||||
| Total Stamp Duty Payable =============================> | RM : 2,000 | ||||||
Example of Loan Agreement Stamp Duty for RM400,000 property.
Loan amount of RM360k (assuming 90% loan), you only have to pay RM300 stamp duty instead of RM1800.
Buy your first house today and use your advantage!
| Loan Amount : | RM | ||
| Any Amount | : RM 360,000 | 0.5% | RM : 1,800 |
| Exemption | -RM1,500 | ||
| Total Stamp Duty Payable ===============================> | RM : 300 | ||
Buy your first house today and use your advantage!
