You’ve been working hard for a long time, and now you’re financially stable enough to own your very first property. That’s great! But how do you transfer the idea of buying a property, to actually owning your home?
Don’t feel overwhelmed, we’re here to help! Check out these 9 steps to owning your first property in Malaysia.
1. Know your budget
Take some time to study your expenditures and ensure that you will not be allocating more than one-third of your total income on a home loan. This is to safeguard yourself from financial difficulties down the road.
2. Have enough for down payment
After determining your budget, it’s time to save up for your ideal home. A 10% down payment will be required for your first home.
3. Be aware of additional costs
Other than the 10% down payment, you need to be aware of additional costs such as legal fees, 6% Government Service Tax, stamp duty, and others, so be sure to have enough savings.
4. Check eligibility for housing schemes
If it’s your first time buying a house, you may be eligible for housing schemes such as 1Malaysia Housing Programme (PR1MA) or My First Home Scheme. So be sure to check if you meet the criteria.
5. Meet a real estate agent
After all that, it is time to meet an industry expert. Get in touch with IQI CS Group’s real estate agents and let us know the requirements and budget of your desired home. We’ll try our best to find you the ideal home!
6. Make an offer
Once you’ve found the perfect home, it’s time to make an offer. Once a purchase price is agreed upon, you’ll be required to sign a standard document a pay a 2% earnest deposit.
7. Obtain a bank loan
Then it’s time to go to your preferred bank and obtain a loan. If you’re unsure of current packages offered by the local banks, feel free to engage with us for professional advice.
8. Sealing the deal
Finally, complete all the required paperworks with your lawyer and all that’s left to do is sit back and wait for the keys to your home!
9. Move in!
And the best part of all, pack up and move into your brand new home!