Q & A : Can a joint borrower Tom (1st-time house buyer) & Michelle (2nd-time house buyer) entitle for STAMP DUTY exemption for first-time house buyer?
Q & A : Can a joint borrower Tom (1st-time house buyer) & Michelle (2nd-time house buyer) entitle for STAMP DUTY exemption for first-time house buyer?
Questions Of The Day
Tom & Michelle are going to buy a new house.
Tom is a first-time house buyer.
And this is Michelle second time buying a house.
Tom and Michelle’s relationship are spouse.
Sale & Purchase Agreement will be under Tom (1st-time house buyer) name only.
When applying for a loan, the borrowers will be under Tom & Michelle names.
Question 1:
Can Tom entitle for first-time house buyer Stamp duty exemption on Sale & Purchase Agreement (SPA)?
Answer :
**Yes, Tom can still qualify for Stamp Duty exemption on transfer.
Question 2:
Can Tom & Michelle still qualify for first-time house buyer Stamp duty exemption for loan agreement facility?
Answer:
**Yes for Tom but No for Michelle. Tom will be qualify for the first-time house buyer Stamp duty exemption for loan agreement facility, however it will be based on half of the loan amount only.
Note: Every stamp duty exemption will be subject to LHDN approval & 1st time house buyer terms & conditions apply.
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By Melissa Lee|2019-01-02T16:05:34+08:00June 7th, 2016|Latest Article/News, Stamp Duty & Lawyer Fees|Comments Off on Q & A : Can a joint borrower Tom (1st-time house buyer) & Michelle (2nd-time house buyer) entitle for STAMP DUTY exemption for first-time house buyer?
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