Foreigner Buyer Guideline
As for foreigner (non Malaysian), you are allowed to buy freehold or leasehold property in Malaysia as long as you fulfill some minimum requirements. As of date of writing, there is no restriction on number of property ownership for foreign buyer. Having said that, foreigner is restricted to own Malay Reserve Land, low and medium cost properties and properties allocated to Bumiputera.
The minimum requirement for an expatriate to own a residential property, be it condominium or landed property (terrace, semi-d or bungalow) in Kuala Lumpur is MYR1,000,000 and MYR 2,000,000 for Selangor address. However, as for Selangor state, foreigner buyer is not allowed to purchase any landed property with individual title even if the price exceeds two million Ringgit Malaysia. Expatriate is only allowed to buy landed property with strata title in Selangor.
For secondary or subsale property market, you may need to consider to appoint a lawyer to represent you in the upcoming legal matters such as Sales and Purchase Agreement (SPA or S&P), loan legal documents, foreigner consent application and other related matters. Finding a reputable and efficient lawyer is very much important as it not only saves you penny but also your precious time as the progress goes along. If you need assistance on this, we are glad to help. Feel free to Contact Us.
However, if you are purchasing an under construction unit directly from developer; which is what klangvalleyhome.com specialises in, developer has it's own appointed legal firms to assist you. It saves you the hassle of finding your own legal representative.
After placing a booking deposit, you may choose to purchase it cash or apply for a mortgage loan from the financial institutions. As for foreigners, each bank has different guidelines and policies imposed on the loan margin. It could be as low as 50% up to a maximum of 80% with terms and conditions. Therefore, you may check with us before you decide to pay a booking deposit.
Expatriates are also required to obtain foreigner consent from the state authority before getting full ownership of the purchased property. The time frame could be 6 weeks to 6 months depending on variable circumstances.
If you need any further assistannce, kindly Contact Us.