KOTA KINABALU: In efforts to further stimulate the economy and encourage homeownership, the Home Ownership Campaign (HOC) has been extended until the end of 2021.
In a webinar on Monday night, hosted by Sabah Housing And Real Estate Developers Association (SHAREDA) on Facebook, the HOC and many other ways the B40 and M40 groups can own a home in 2021 were explained in great detail.
“By conducting this webinar tonight, we hope that not only does it bridge the government and private sector but we also hope that it bridges the heart of the rakyat,” Benny Ng, Secretary General of SHAREDA, offered at the end of the fruitful discussion.
“Technology is improving everyday and with the help of these talks, the public can learn more about how these policies work and how it can help them own a home,” he said.
The extension of HOC has been a hot topic in the world of real estate and was addressed in the beginning of the session as viewers were eager to hear how the initiative could directly benefit them as potential homebuyers.
HOC 2021 five main incentives:
1. Full exemption of the stamp duty on Memorandum of Transfer for homes priced
between RM300,000 to RM1 million.
2. For properties priced between RM1 million and RM2.5 million there is a stamp duty reduction of just 3% stamp duty.
3. Stamp duty fees have been exempted as well for all legal documents signed during the purchase of a home. Additionally, the Sabah Law Society has kindly offered a 25% legal fee discount for all
HOC home buyers in Sabah.
4. Developers that join HOC also give a 10% discount on properties, although it is not compulsory in Sabah and Melaka.
5. Lastly, HOC only applies to the primary market meaning homebuyers are guaranteed to buy new homes only.