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July 15, 2017
Budget 2019

Budget 2019

Malaysian Budget 2019

Housing glut is an imminent problem affecting all major cities in Malaysia. Budget 2019 has a lot of mechanisms in place to deal with that. How will this new Budget 2019 affect us the property investors? We summarized it for you below:

1. Real Property Gain Tax (RPGT)

Kerajaan akan memperkemas Cukai Keuntungan Harta Tanah (CKHT) ke atas keuntungan daripada pelupusan harta tanah dan saham dalam syarikat hartanah dalam tahun ke-6 dan tahun seterusnya, seperti berikut:

Bagi syarikat, individu bukan warganegara dan bukan pemastautin tetap, kadar CKHT dinaikkan daripada 5% kepada 10%; dan

The government has increased the RPGT for companies and foreign investors from 5% to 10% on properties sold on the 6th year onwards.

Bagi individu warganegara dan penduduk tetap, kadar CKHT dinaikkan daripada 0% kepada 5%. Walaubagaimanapun, CKHT dikecualikan atas harga hartanah, rumah kos rendah, rumah kos sederhana rendah dan rumah mampu milik di bawah RM200,000.

For Malaysians and Permenant Residents, RPGT is increased from 0% to 5% except low cost and affordable housing priced below RM200,000.

2. Stamp Duty

Kadar duti setem bagi pemindahan hartanah bernilai lebih RM1 juta akan dinaikkan sebanyak 1 mata peratusan daripada kadar cukai 3% kepada 4%.

Stamp Duty on property transfer has increased from 3% to 4% on properties valued above RM1 million.

Untuk pembeli rumah pertama bernilai sehingga RM500,000, Kerajaan akan memberi pengecualian duti setem sehingga RM300,000 yang pertama ke atas surat cara pindah milik dan perjanjian pinjaman bagi tempoh dua tahun sehingga Disember 2020.

For first time home buyer buying property valued below RM500,000, the government has exempted the stamp duty for the first RM300,000 until December 2020.

Bagi menangani isu ini, Kerajaan mencadangkan pengecualian duti setem ke atas surat cara pindah milik bagi pembelian rumah pertama, berharga antara RM300,001 sehingga RM1 juta berkuatkuasa bagi tempoh 6 bulan mulai 1 Januari 2019.

The government has exempted the stamp duty for first time home buyer buying house priced between RM300,001 and RM1 million for a 6-months period starting from 1 Januari 2019.

3. Low Interest Loan

Untuk membantu golongan berpendapatan tidak lebih daripada RM2,300 sebulan memiliki rumah buat kali pertama, dana berjumlah RM1 bilion akan ditubuhkan oleh Bank Negara untuk pembelian rumah mampu milik berharga sehingga RM150,000. Mulai 1 Januari 2019, dana ini tersedia di AmBank, CIMB Bank, Maybank, RHB Bank dan BSN melalui kadar pembiayaan terkurang serendah 3.5%.

For first time home buyer with income lower than RM2,300 per month, the government is working with commercial banks to introduce low interest loan (as low as 3.5%) to buy properties priced below RM150,000.

4. Loan Guarantee

Bagi pembeli rumah pertama dengan pendapatan isi rumah sehingga RM5,000, Kerajaan akan memperuntukkan RM25 juta kepada Cagamas Berhad untuk menyediakan jaminan pajak gadai bagi membolehkan peminjam mendapat pembiayaan yang lebih tinggi termasuk bayaran deposit.

For first time home buyer with family income less than RM5,000, the government will guarantee the loan to allow the buyer to get higher loan margin which might include the initial deposit.

5. Longer Loan Tenure for Government Servants

Selaras dengan hasrat Kerajaan untuk membantu kakitangan sektor awam memiliki kediaman yang diimpikan, Kerajaan akan memanjangkan tempoh pembiayaan perumahan sektor awam di bawah Lembaga Pembiayaan Perumahan Sektor Awam (LPPSA) di mana tempoh Pembiayaan Pertama daripada 30 tahun kepada 35 tahun; dan tempoh Pembiayaan Kedua daripada 25 tahun kepada 30 tahun.

Government will provide longer loan tenure to government servants borrowing from LPPSA. First loan tenure is extended from 30 years to 35 years, and second loan tenure extended from 25 years to 30 years.

6. Lower Price for New Houses

Kerajaan telah mengumumkan pengecualian SST ke atas perkhidmatan pembinaan dan bahan binaan. Sebagai balasan, Persatuan Pemaju Hartanah dan Perumahan Malaysia (REHDA) telah bersetuju untuk mengurangkan sebanyak 10% harga rumah yang tidak tertakluk kepada kawalan harga untuk projek baharu.

REHDA has agreed to lower new house prices by 10%.

7. Property Crowdfunding & Peer-to-Peer Lending

Kerajaan akan membenarkan platform penjanaan dana masyarakat (property crowdfunding) yang dipacu oleh sektor swasta. Platform ini akan menjadi sumber alternatif bagi pembelian rumah pertama yang dikawal selia oleh Suruhanjaya Sekuriti melalui pinjaman terbuka antara rakan setara (peer-to-peer lending).

Government has allowed the establishment of property crowdfunding platform by private sector. It will become an alternative source of fund for first time home buyer that is govern by Security Commission.

For example, home buyer only need to prepare 20% of the purchase price while the balance 80% will be paid by participating financial institutions, as shareholders to the property. At the end of the 5 year period, the home buyer can choose to sell the property where the other shareholders will share the gain. The home buyer can also choose to refinance the property, buying the balance 80% share at the market price.

Summary

Most of these mechanisms are catered towards first time home buyer, mainly to bridge the affordability gap.

As for us property investors, hopefully this new Budget 2019 will cut down the housing oversupply, mitigate the housing bubble burst and propel the property prices to the next high for the years to come.

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