Budget 2013 takes account of everyone and nobody is left out. While, I think that’s a good news to most of us. This is the most generous Budget that our Prime Minister had presented.
The budget 2013 proposes benefit for the well-being of all strata of society, covering various sectors and people of different age groups.
So, since this is housing loan website. We will discuss on the impact of housing sector first.
Let us check out what are the goodies
1) RM1.90 billion to build 123,000 affordable units nationwide
While I think, it is good for the government to build more affordable houses for low income people. We, Malaysian really need that as the property prices had been insanely pricey in the latest years.
2) 1Malaysia People’s Housing Scheme (PRIMA) will spend RM500million to build RM80,000 houses of between RM100,000 and RM400,000 in locations including Kuala Lumpur, Shah Alam, Johor Bharu, Seremban and Kuantan.
Under PRIMA, more affordable houses will be build and sell at under market value and this definitely delighted for most of us.
3) National Housing Department will construct of 20,454 units under the Rakyat Housing Programme. The price of houses within RM30,000-RM40,000 ( compared with the market price of RM120,000 per unit)
This is for low income people who really need to be taking care and it is good to know government have a thought of them too.
4) Abandoned Housing Project to be revived and tax incentives for rescuing contractors and developers.
While, there will be 30 abandoned projects to be revive and for you that had been servicing interest for abandon project. This is may be for you… Your house will be continued build, no more pain in the pocket.
5) Increase In Real Property Gain Tax (RPGT) to 2 years for 15% and subsequent years ( 3rd – 5th )10%.
While, I know for this we will have mixed argument. Some, will welcome and some otherwise. I do know government will like to reduce property speculation and this does help middle income people who are trying to own a house.
For investors, sorry… I know this is bad news for you. But, I think it is not too bad… Previously, it’s been speculate at 30%. While, the highest is 15% would not affect much.
I save the best for last, for 1st time house buyer, this is for you…
6) GOOD NEWS !!! My First Home Scheme ( MFHS).
To the 1st time house buyer who are in the past struggling to get loan under My First Home Scheme ( MFHS), these amendment definitely are welcome.
So, what are the new amendments?
a) Individual income limit for Housing Loan under My First Home Scheme raised from RM3,000 to RM5,000. Isn’t this great?
We have received a lot of emails in the past stated, if my income RM3100/3200/3300, can I apply for these scheme? While to those people, Congratulations! Your wish had come true.
b) RM10,000 limit for married couples taking joint loans under the scheme.
Yes, RM10,000 is great and good number to comply under the scheme. Thumb up to our PM. I think this will benefit most of the middle income class who are working hard and would like to own a house without much deposit needed. And of course this is especially for married couple only.
c) Requirement for saving equivalent to three months installment and minimum employment of six months abolished.
This is wonderful… You do not need to show saving anymore. Previously, you do need to comply these additional requirements. Some of you may said, if we have saving, we wouldn’t go for the 100% financing right?
d) 50% stamp duty exemption on purchase of first residential property of up to RM350,000 extended to Dec 31, 2014 and raised to RM400,000.
This is definitely sweet… With the rise in the property market like maniac, we are glad the property price had increase to RM400,000, now we have more choices to buy.
Conclusion, definitely a thumb up and kudos to our Prime Minister Datuk Seri Najib Tun Razak for presenting a great and wonderful Budget for housing loan sector.
Now, for you that did not have any house yet, you may want to be prepared or do house searching for next year as these guidelines will be started in 2013.
Good Luck to you
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Tags: 1st home loan, 1st house scheme, 1st housing loan, 3rd housing loan, first home scheme, malaysia 1st house, my first home schme