First Condominium (House)
Are you looking to buy your first condominium in Kuala Lumpur or Selangor, Malaysia? Are you confused of what you are looking for? Are you doubtful if you are able to obtain a mortgage loan to finance your first house? Are you worried about how much do you need to fork out for down payment, legal fees and stamp duty? And the list goes on. If your answers are YESes, no worries. We are here to help you.
Buying a property is one of the biggest challenge that we need to face in one's life because it could be the heaviest commitment for oneself. Therefore, you wouldn't want to make any mistake and you have to be extra careful since this is you buying your first condominium. These are some of the very basic considerations when one plans to purchase a property in Malaysia or more commonly what we always ask or been asked by our clients.
Q: What is your budget in mind?
A: Well, you would reply by saying with my XYZ amount of salary, how much am I entitled to? As a very general guideline, your housing monthly installment should not be more than 30% of your nett income. As for your monthly mortgage installment, you can google it online for “mortgage calculator” to get the figure at your fingertips. If you are still not very sure or confident about it, we are more than happy to receive your enquiry by Contact Us.
Q: Where is the location do you prefer?
A: It actually depends on where your workplace is or where are you comfortable with. Some people prefer city center while some don’t, and bear in mind that the price tag goes hand in hand with the location you have selected too. Therefore, our advice is to buy what you can afford.
Q: How much do I need to prepare?
A: As for secondary (subsale) market, under normal circumstances, the minimum you need to prepare is 10% down payment if you are eligible for the 90% loan margin. On top of that, you still need to prepare yourself some fund for legal fees and stamp duty. As for new launch projects, which is what klangvalleyhome.com is emphasizing, you may NOT necessary need to fork out your 10% cash for down payment and legal fees. Some developers (not all) are providing some special package for early birds to help buyers with some easy entry scheme. Contact Us to know more.
Q: Do I need to pay any interest during the construction period, and how much?
A: Yes. DIBS (developer interest bearing scheme) is no longer available nowadays. For your information, the total amount of interest you are paying during the construction period is approximately 4-5% of your purchased price.
Q: What do I need to do after I make a booking deposit?
A: You would first need to prepare your documents (photocopy of IC/passport, pay slip, income tax receipt, bank statement, epf statement, company registration, etc.) to apply for loan. We will help to arrange bankers to assist you in loan application. We work very closely with all the bankers, be it Public Bank, Hong Leong Bank, CIMB, Maybank, RHB, OCBC, HSBC etc. You name it and we will cater it for you. After obtaining a loan offer and signing the Letter of Offer, then only you proceed for SPA and other documents signing.
With all the basic simple guidelines, we look forward to hearing from you in searching your first house and hopefully we can offer you something. Don't hesitate to give us a call if you have any special request.