Skim Rumah Pertamaku (SRP) – My First Home Scheme was first announced in the 2011 Budget by the Malaysian Government to assist young adults who have just joined the workforce, earning RM3,000 per month or less to own  their first home.

The Scheme allows young adults to obtain 100% financing from financial institutions, enabling them to own their 1^st home without the need to pay a 10% downpayment. This is in line with the Government’s aspirations of increasing home ownership amongst the “rakyat”.

Many may be asking – how does this work? Is there a special government agency set up for this scheme? Do I need to apply to any government agencies to qualify for this 100% housing financing? You may find the answer below.

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Budget 2013: Driving Transformation Towards A Developed Nation

Budget 2013 Malaysia was tabled by Prime Minister Datuk Seri Najib Razak in Parliament on 28 September 2012 from 4:00pm to 6:00pm. and this budget is considered people and business friendly, based on the fact that this year will be high likely the Election Year!

Budget 2013 Highlights

Bantuan Rakyat 1Malaysia (BR1M2.0)

RM500 (instead of RM250, correction after much clarification in the news) assistance money for a household earning less than RM3,000.

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In Budget 2013, in order to encourage the students to early repay the PTPTN loan, Prime Minister announced a discount of 20% will be given to the outstanding amount of education loan borrowed from Perbadanan Tabung Pendidikan Tinggi Nasional loan, if the PTPTN loan is fully from 1 October 2012 until 30 September 2013.

Comment: The government has been very generous in allowing a period of 12 months for the borrowers to repay the PTPTN loan or give them more time to save money to repay the loan during the 12 months.

If someone has sufficient savings now to fully repay the loan, would you choose to pay now or by 30 September 2013 (nearly a year later)? Read more ›

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In Budget 2013, in order to encourage the students to repay the Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) education loans in accordance with their repayment schedules, it is proposed a 10% discount per annum on their repayment will be given effective from 1 Oct 2012.

For those PTPTN loan borrowers who may not have the financial ability to fully repay the education loans before 30 September 2013 in order to reap the 20% discount on the outstanding loan balance, they are still entitled to a 10% discount per annum on their repayment, with effect from 1 Oct 2012.

In relation to the above Budget 2013 proposal, PTPTN issued the following Frequent Asked Questions (FAQ) on their website:

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Budget 2013 proposes amendments to income tax law to treat tax status of a limited liability partnership (LLP) similar to that of a company under Companies Act, 1965. LLP is referred to a partnership set up under Limited Liability Partnerships Act, 2012.

Tax status of a LLP:

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The new individual income tax rates effective from year of assessment 2013 is tabulated below and tax rate reduction gives a maximum tax saving up to RM475 for a person with chargeable income of more than RM50,000.

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The limited supply of real property especially in urban areas has provided opportunities for speculative activities.

Therefore, the Government proposes the real property gains tax (RPGT) from the disposal of properties made within a period not exceeding 2 years from the date of purchase will be taxed at the rate of between 15% and 10% of disposal of property within a period of 2 to 5 years.

For property disposed after 5 years from the date of acquisition, RPGT is not applicable.

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The 1Malaysia People’s Aid (BR1M) will be distributed for the second time and this has been announced that a payment of RM500 (instead of RM250 after much clarification in the news) will be given to households earning less than RM3,000 per month.

In addition to the above,  those who are single unmarried and aged 21 and above but earning not more than RM2,000 a month will also be entitled for the BR1M RM250 Aids.

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Malaysian youngsters or youths who are aged 21 to 30 years with a monthly income of RM3,000 and below or without any income will entitle a one-off rebate of RM200 for the purchase of one 3G smartphone from an authorised dealer through the Youth Communication Package.

This will encourage more youths to be able to access the information highway.

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By  YAB DATO’ SRI MOHD NAJIB TUN HAJI ABDUL RAZAK, PRIME MINISTER AND MINISTER OF FINANCE

INTRODUCING THE SUPPLY BILL (2013)

IN THE DEWAN RAKYAT
FRIDAY, 28 SEPTEMBER 2012

“PROSPERING THE NATION, ENHANCING WELL-BEING OF THE RAKYAT:  A PROMISE FULFILLED”

Mr. Speaker Sir,

I beg to move the Bill intitled “An Act to apply a sum from the Consolidated Fund for the service of the year 2013 and to appropriate that sum for the service of that year” be read a second time.

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