Hi All,

I'm planning to buy a 200K flat for own stay, this will be my first property. I had eyed a few property and is ready to purchase.

I need some guidance on what action is needed from my part after viewed the property and agreed to the price.

1) Do I go to bank for pre-approve first before confirm the property?
2) Need to get any lawyer? Any recommended lawyer for this?
3) What price for i need to pay besides the purchase price? Since i heard i don't have to pay any stamp duty and tax for property <300K

Any general tips and guidance for first time buyer?

1) Not necessarily, but would be better if you started to engage 3 different banks of your choice, start talkint to their loan officers to see who would give a good deal, usually if loans less than 250k CIMB has good rates but don't take my word on it

2) Lawyer is a must but usually you can use the same lawyer as either the bank or the seller or developer

3) Downpayment, lawyer fees, bank fees, you could estimate it to be around 15% of your property price as a rough guide

Who are you buying from? Is it a bumi lot and are you bumi? Is the block mainly local residents or students or renters, is the property completed as some property get abandoned and you get stuck with a loan and no place to go. Do you signs of cracking, how is the management and maintenance.... lot's of research to do my friend

edit to change 3%-4%- 15% to include downpayment

This post has been edited by kutitata: Feb 24 2017, 04:59 PM

Standby 40k min

yeah make sure first how much you can loan from the bank and then prepare enough cash for down payment and also reno since its a secondhand flat

Thanks for the 15% tips, i have 35K cash ready but just unsure if it is enough, scared of those hidden fees. Buying subsales >10 years low cost flat, the area / property looks OK but full of students.

40K included renovation? I have 35K, hoping can cover all those down payment, lawyer, whatever fee needed to change name. Then renovation / repair cover by taking those 0% credit card installment :/

With my 3.1K salary, should have no problem securing 200K loan, is matter of interest rate.... I hope. Normally foreign or local bank can offer better rate? My main bank is OCBC and SCB. Gonna try those 2, just hope for more recommendation for ~200K loan.

What document do i need to bring besides IC+EPF/BE form? Introduce me lawyer please

FLAT............. good lucj on ur loan LTV.

stucked at master title most u get is only 60%

What is LTV? What you mean by stuck at master title?

Usually it's not a good idea to use the same lawyer as the developer/seller as there is a conflict of interest.
The lawyer should be looking out for YOUR interest and u won't get that if u are using developer's lawyer.

Refer:
http://www.starproperty.my/index.php/artic...ty-in-malaysia/

flat if the location is superb and would give you +ve cashflow, its a good buy..

HOWEVER..if u want to sell it in future, would be so hard since, lots of restrictions..

For Own stay, i suggest u with budget of 200K to get medium cost apartment.
If ure working in KL, look in ampang / melawati / gombak / nearby area..

There r still out there for u to grab on!

Yeah, found it but just now sure how it should go.

But can give some example of medium cost apartment?

If anyone can buy the property...that is NOT LOW COST...it can be MEDIUM COST and so on..where restrictions does not apply..

unless its malay reserved / bumi-lot / prima / rumawip / rumah selangorku..
which have certain criteria but people with salary more than 5K can buy. (example only)

This post has been edited by mafa2801: Mar 2 2017, 08:44 AM

example: sri hijauan, sri baiduri, sri kayangan & etc..price still range 200K