Buying a property? You could get 5% refund on costs under new law

If you’re considering of buying a house, an apartment or bare land to construct your residence in the financial year 2021/2022, here’s some good news.

The Registration Duty (Home Ownership Scheme) Regulations 2022 would be promulgated, according to latest Cabinet papers.

It means that you could benefit from a refund of 5% of the cost of the property up to a maximum of Rs500,000.

The Home Ownership Scheme also applies if the property is acquired:

• jointly by an ascendant and a descendant or the descendant’s spouse; and from a brother or sister,
• or from the spouse of the brother or sister.