KPKT nears 89% of affordable housing target ahead of RMK-12

The Ministry of Housing and Local Government (KPKT) has made significant strides toward fulfilling its 12th Malaysia Plan (RMK-12) target.

As of 30 September 2024, KPKT has successfully achieved 89% of its goal, equivalent to 443,259 units of affordable housing (RMM) across the country.

Boosting homeownership with KPKT initiatives

To make homeownership more accessible, KPKT has extended the Home Ownership Campaign 2.0 until the end of RMK-12.

This initiative provides first-time homebuyers with a 100% stamp duty exemption on properties valued at RM500,000 or below, significantly reducing the financial burden for new homeowners.

KPKT Minister Nga Kor Ming emphasised that the government is determined to support Malaysians in owning homes, reinforcing KPKT’s role in spearheading these efforts.

The 2025 Budget also introduces further incentives to encourage homeownership.

Among these, RM900 million has been allocated for the construction of People’s Residency Programme (PRR) and People’s Friendly Homes (RMR), enhancing opportunities for more affordable housing options.

Tax relief and future commitments

In addition to direct housing support, KPKT has introduced an individual tax relief of RM7,000 on housing loan interest payments for homes valued up to RM500,000.

This relief can be claimed for three consecutive years on agreements signed between 1 January 2025 and 31 December 2027.

For properties valued between RM500,000 and RM750,000, the tax relief will be up to RM5,000, offering a flexible benefit for middle-income homebuyers.

Kor Ming also highlighted the importance of balancing economic and social well-being.

As part of its ongoing commitment, KPKT will explore more initiatives, including National Housing Policy 2.0, to create sustainable solutions for affordable housing.

Nga reaffirmed the Madani Government’s commitment to ensuring every Malaysian has access to housing, either through ownership or rental.

Out of the 500,000 affordable housing units promised under RMK-12, 135,173 units have already been completed, 213,094 are under construction, and 94,992 are in the planning stages.

The remaining 11% is expected to be achieved by 31 December 2025.