Include the following in your check list before making a commitment to purchase property:-
Avoid a stressful lifestyle
- Look also for a location that is supported by well-planned infrastructures, and preferably accessible to basic amenities, schools, banks, market and etc.
Do not be hasty, work out your budget carefully before making a decision to purchase. If source of funding such as personal savings is insufficient for the initial payments, other sources can include:-
Below is a brief guideline on the EPF withdrawal procedures:-
You may withdraw all monies from your Account 2 maintained at EPF, or the difference between the Purchase Price and loan amount plus 10% of the Purchase Price (whichever is lower).
To secure a good loan package to complete the purchase, check out personally with a loan officer who can provide invaluable assistance to you. The necessary documents required by the bankers to process your loan application include:-
While loan approval processing may be quite fast with some bankers giving their replies within three (3) days from date of application, the loan documentation for the first loan release will normally take some time. However, you can avoid any Late Interest Charge being imposed for late release of the loan if you:-
All Developers must use the Statutory Sale and Purchase Agreements for the sale of their properties as follows:-
For purchase of landed properties – individual titles (e.g. terrace houses, semi-detached and bungalows)
Below is a simple chart on the process from the execution of SPA to loan drawdown:-
Select your unit - execute SPA with Developer and pay 10% purchase price as down-payment.
Issue Loan Offer Letter to purchaser(s) / Borrower(s).
Solicitors prepare Loan Agreement for execution by the end-financier & Purchaser(s) / Borrower(s).
Purchaser settles difference between purchase price and loan amount, execute the Memorandum of Transfer (“MOT”) title & Charge documents to the end-financier.
MOT is sent to Valuation Department for adjudication. Solicitors inform Purchaser on stamp duty payable. Purchaser pays stamp duty and legal fees for transfer & Charge.
Solicitors present MOT & Charge for registration at relevant Land Office.
Solicitors advise End-financier on the release/drawdown of the loan to Developer.
End-financier releases progressive payments to Developer.
Legal Fees for Sale & Purchase Agreement (SPA), Transfer & Loan Documentation:-
The Malaysia My Second Home (MM2H) was launched by the Malaysian Government to encourage non-Malaysians from overseas to retire in Malaysia or spend a considerable time in the country on a social visit pass (10 years) with a multiple entry visa which would allow them to and from Malaysia freely.
Under this programme, the eligible foreign citizens will get to enjoy the relatively high standard of living, and at the same time experience the diversity of food and culture that our multi-racial Country is able to offer them, all this without having to forego their citizenship.
For that successful applicant who wishes to purchase properties, they are exempted from having to obtain Foreign Investment Committee (FIC) approval.
Log into www.mm2h.gov.my to obtain more information on MM2H.
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