KOTA KINABALU: SHAREDA successfully registered sales of more than 600 units of residential property worth RM329 million for the first six months of the Home Ownership Campaign.
Benny Ng, the HOC Chairman and Council Member of the Sabah Housing and Real Estate Developers Association, said with numerous incentives on the cards, all signs point to more sales over the rest of the campaign period.
As one of the three chairpersons for the National Home Ownership Campaign 2019 in the country, Benny pointed out that it is his responsibility to urge all developers in Sabah to assist house buyers in all means and to abide by the HOC terms.
“This is a national campaign that should be executed with dignity and pride,” he said.
“It is a national service for all of us involved. We hope more developers will join HOC and register with us soon. I believe National HOC 2019 is evidently helping Malaysians, especially the low and middle-income groups to own a home.”
The Home Ownership Campaign (HOC) is a government initiative designed to encourage home ownership in the country, as well as to spur short-term economy in the country and the construction industry that affects 160 downstream businesses, while easing the country’s property overhang predicament.
Benny said special mention must be made to thank Chief Minister of Sabah, Datuk Seri Panglima Haji Mohd Shafie bin Haji Apdal, and his deputy, Dato Haji Jaujan Bin Haji Sambakong, who is also Minister of Local Government and Housing, as well as all relevant departments in the local government and councils, in assisting the campaign full heartedly.
He added that Minister of Finance Lim Guan Eng, had also contributed much towards the success of the HOC.
During the HOC period, Malaysian home buyers enjoy stamp duty waivers for the purchase of residential units registered under the HOC. For properties registered under this campaign, the stamp duties on instruments of transfer will be waived.
Home buyers will also get discounts from developers.
Those incentives are:
* Full exemption till RM1 million: Under the scheme, successful applicants enjoy 100% stamp duty exemption on Instrument of Transfer for any residential home purchase up to the value of RM1 million.
* Partial stamp duty exemption till RM2.5 million: Properties worth more than RM1 million up to RM2.5 million will pay 3% stamp duty on the Instrument of Transfer for the amount above RM1 million.
* Loans legal documents exemption: All properties within the scheme enjoy stamp duty exemption on the Instrument of Securing Loan.
* 10% house discount for completed houses: As well as the stamp duty exemption, you enjoy a minimum 10% reduction on the purchasing price of properties listed under the scheme.
THE HOME OWNERSHIP CAMPAIGN OR HOC
The Home Ownership Campaign (HOC) 2019 is an initiative by The Honorable Tuan Lim Guan Eng, Minister of Finance to promote home ownership in Malaysia. The campaign is expected to run for a limited time only, and during this period a series of incentives are being introduced to encourage house purchases.
The key real estate associations such as Sabah Housing and Real Estate Developers Association (SHAREDA), Real Estate and Housing Developers Association (REHDA) and Sarawak Housing and Real Estate Developer Association (SHEDA) are tasked to execute the campaign and create awareness for the public.
Following a tremendous response, the government has announced that the Home Ownership Campaign (HOC) has been extended for another six months, until December 31st 2019.
WHAT ARE THE INCENTIVES DURING HOC
Developers are required to offer a minimum discount of 10% from its APDL (Advertising Permit and Developer License) approved price.
100% stamp duty exemption on the instrument of tranfer for residential units valued at RM300,001 to RM1 mil. For units ranging from RM1,000,001 to RM2,500,000, buyers will only pay 3% stamp duty.
100% stamp duty exemption on loan document for property valued upt to RM2.5 million.
Major banks are offering special home loan package in conjunction with the campaign.
The Sabah Law Society has granted a discount of up to 25% on legal fees for all HOC eligible projects in Sabah.
WHO IS ELIGIBLE?
All Malaysians are eligble.
It is not only open to first time home buyer, but also to investors who have multiple properties. However, foreigners are not entitled to the HOC incentives, that includes joint name properties where one of the owner is a foreigner