The Government through the National Economic Recovery Plan 2020 has lined up several initiatives to rejuvenate the property market and address the lack of affordable housing particularly for the youth.
“The RPGT exemption is given to Malaysian citizens upon disposal of residential property, limited to three houses per individual, from June 1, 2020 until Dec 31, 2021,” the ministry said in a written reply at the Dewan Rakyat yesterday. “Under Penjana, the financing limit for the third and subsequent home loans worth RM600,000 and above during the HOC 2020 period is no longer subject to 70% of the value of the house but subject to the internal risk management of financial institutions,“ it said.
However, it said there was a reduction in residential property transactions of 19% to 47,000 in 2020 compared to 56,000 in 2019, new licence applications totalled 263 in the first quarter compared to 256 , and first-quarter licence renewal of 603 compared to 465 .