How To Calculate Stamp Duty in 2023? Stamp Duty Waiver For First-Time House Buyer

In this few years, looking for a place called home can be challenging but that about to change in 2023.

Next year, first-time house buyer will enjoy multiple exemptions in Stamp Duty from buying the first home. Thanks to the new Malaysian Government.

Are you excited yet? I know I am.

Regardless of which, we want you to prepare for the stamp duty information for the year of 2023. Just in case, if you need to grab that dream property that you’ve been saving for years. ??

” THE BEST TIME TO BUY A HOME IS ALWAYS FIVE YEARS AGO”

HOW TO CALCULATE STAMP DUTY?

Here is the stamp duty scale.

2023 STAMP DUTY SCALE 

Stamp duty Fee 1% : For First RM100,000

Stamp duty Fee 2% : RM100,001 To RM500,000

Stamp duty Fee 3% : RM500,001 and RM1,000,000

Stamp duty Fee 4% : >RM1,000,000

We will show how simple the calculation for easy understanding.

For example, if you’re buying a house amounting RM300,000. The total stamp duty is :-

Stamp duty Fee 1% : For First RM100,000 = RM1000.00

Stamp duty Fee 2% : RM100,001 To RM300,000 = RM4,000.00

Total stamp duty is RM5,000.00

In a Sale and Purchase Legal Fees Quotation, Stamp duty will be part of the quotation. Other items will be the Professional fees, SST and disbursement fees.

Based on this case the breakdown as below:

Professional Legal Fees: RM3000

Stamp Duty: RM5000 *

Disbursement fees: RM1500-RM2000

6% SST: RM180

Total amount: RM9680 – RM10,180

* If you’re first-time house buyer, you’ll get exemption of RM5000.

That’s a huge saving!

Good news for First-Time House Buyer! Woohoo!

With the generosity of the Malaysian Government and to increase the purchasing house for first-time house buyer, the government had implemented a stamp duty exemption started 1st January 2021 until 31st December 2025. (based on budget 2021)

Criteria For First-Time House Buyer Stamp Duty Waiver:

1. Must be first-time house buyer. Never buy a house before and never inherited any property.

2. The Property Price must be less than RM500,000, if purchased between 1^st January 2021 to 31^st December 2025.

Wow! Does it mean if a first-time house buyer purchases a house below RM500,000 they don’t need to pay Stamp Duty?

Now, we’re going to give you a second example.

Let’s said, using the same example, based on RM300,000 purchase price.

Stamp duty Fee 1% : For First RM100,000 = RM1000.00

Stamp duty Fee 2% : RM100,001 To RM300,000 = RM4,000.00

Total stamp duty is RM5,000.00

Due to, for first-time house buyer there is an exemption of Stamp Duty for property RM500,000 & below, therefore you’re not required to pay anything.

More Good News!

Stamp Duty Exemption For Loan Agreement Stamp Duty!!

Yes, not only the exemption applies to Property transfer stamp duty but also to Loan Agreement Stamp Duty. Is that good or what!! ?

How To Calculate Loan Agreement Stamp Duty?

It’s quite simple to calculate Loan Agreement Stamp Duty. There are no scale fees, it’s a flat rate of 0.50% from the Total Loan Amount.

For Example,

If the loan amount is RM500,000.

The Loan Agreement Stamp Duty will be RM500,000 x 0.50% = RM2500.00

And if you’re first-time house buyer, this RM2500 will be exempted. Meaning, you’ll pay ZERO!! ?

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