Malaysia Budget 2013 - Housing

Below are few announcements of Malaysia budget 2013 which are housing developments related : 

1. Affordable housing in Malaysia budget 2013

123,000 units to be built, in areas such as Sungai Buloh and Seremban;

2. First home scheme  in Malaysia budget 2013

 income cap raised from RM3,000 to RM5,000. Join income limit is RM10,000. Applies only for houses below RM400,000;

3. Duty Stamp 2013  in Malaysia budget 2013

Up to 50 percent stamp duty exemption for first home owners until Dec 14, 2014;

4. RPGT 2013 (Real property gains tax 2013)  in Malaysia budget 2013

Real property gains tax 2013 (RPGT) for properties sold within two years of purchase raised to 15%; 2-5 years 10%. No RPGT for properties sold five years after purchase;

5. Abandoned projects  in Malaysia budget 2013

Tax breaks and incentives for contractors and banks who offer loans to contractors to revive abandoned housing projects. Original buyers of abandoned projects will be exempted from stamp duty for loan refinancing or ownership transfer agreements.