Home Ownership Campaign 2020 to attract first-time home buyers - IQI Global Ceo

KUALA LUMPUR, June 5 -- Reintroducing the Home Ownership Campaign (HOC) under the National Economic Recovery Plan (PENJANA) will attract more first-time buyers into the market in the second half of 2020, said the head of an investment and advisory firm.

IQI Global Group chief executive officer Kashif Ansari described it as a “welcomed move” as it would make it easy for buyers to get into the property market and would alleviate the current oversupply of unsold properties in the market.

“We are hopeful that that the government can also look at easing lending policies to make it easier for home buyers to get a loan,” he said in a statement today.

Prime Minister Tan Sri Muhyidin Yassin, when announcing PENJANA today, said under the HOC, stamp duty exemption would be given on the instruments of transfer and loan agreement for the purchase of residential homes priced between RM300,000 and RM2.5 million subject to the developer providing at least a 10 per cent discount. 

The exemption on the instrument of transfer is limited to the first RM1 million of the housing price while full stamp duty exemption is given on loan agreement effective for sale and purchase agreements inked between June 1, 2020, and May 31, 2021.

Meanwhile, the Federation of Malaysian Manufacturers (FMM) commended the government for the comprehensive economic recovery package introduced under PENJANA which encompasses all segments of the economy.

FMM president Tan Sri Soh Thian Lai said it welcomed the initiatives to continue securing jobs and in tackling unemployment through several initiatives such as the hiring incentives for employment of youth and the unemployed, expansion and extension of the Wage Subsidy Programme (WSP) and programmes for reskilling and upskilling via “Place and Train” and apprenticeship.

“FMM, however, was looking forward to the WSP being extended to all employees regardless of wage level and removal of the limit of 200 employees per company,” he said in a statement.

He said the federation also looked forward to the COVID-19 Temporary Measures Bill which the government was currently working on to mitigate potential negative impact to economic activities caused by contractual breaches and enforcement of insolvency actions on groups affected by COVID-19 and the Movement Control Order.

“We urge for work on the Bill to be expedited and for a definitive date of gazette.

“We also look forward to be represented in the Special National Committee on Employment to be co-chaired by the Ministers of Finance and Human Resources,” he said.

-- BERNAMA