Economic recovery plan: HOC reintroduced to stimulate property market

Published on 5 Jun 2020 5:24:35 PM

Prime Minister Tan Sri Muhyiddin Yassin on Friday said the government will reintroduce the Home Ownership Campaign (HOC) to stimulate the real estate market and provide financial relief for housebuyers.

The incentives will include stamp duty exemption on the instruments of transfer and loan agreement for the purchase of residential homes priced between RM300,000 to RM2.5mil subject to at least 10% discounts provided by the developer.

There will also be full stamp duty exemption on loan agreement effective for sales and purchase agreements signed between June 1, 2020 and May 31, 2021.

The government also announced a 100% tax exemption for the purchase of locally-assembled cars from mid-June until Dec 31, 2020.