Budget boost for first-time home buyers

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Malaysia has an oversupply of about 32,000 houses according to a recent survey.PETALING JAYA: The new federal budget will provide a boost for more first-time home buyers and lead to more much-needed affordable housing for the low-income group, say those in the property business.Among the highlights for the property sector in the budget include stamp duty exemption for first homes up to RM500,000; RM1.2 billion for the provision of homes for low-income house buyers; and a rent-to-own scheme involving 5,000 PR1MA houses for first-time home buyers, valued at more than RM1 billion.PropertyGuru Malaysia country manager Sheldon Fernandez said the stamp duty exemption was a welcome move, especially with 81% of Malaysians intending to purchase a home by the end of 2021 according to a recent PropertyGuru survey.He said there were good intentions to help both the B40 and low income hous…