Hello everyone !

I am a fresh graduate and would like to seek some advises from the experienced people

I have set a goal for myself - to own a small house in 3 years. However, first of all, what do i need to prepare in advance to own a house in Malaysia?

Any other valuable / insightful information about owning a property, you could also share it here.

So not only me, but other newbie reading this post will also get these information.

Thanks in advance!!!

CHEERS

get a good job or work that provide good and continue income.

learn to put aside some saving from income for house purchasing.

also get a credit card and pay your credit card on time.

No credit card with good payment record = no house loan approval. 'nuff said.

Credit record is super important.

Work two jobs, drive Uber at night or sell butt. You'll need the money.

Go for MyDeposit , it is free money, complementary from Malaysia government.

Already start working?

Study the market before knowing what to plan and what to do.

1. You need money. Entry cost is around 15% of property price for downpayment, legal fee, etc.
2. You need good credit profile. Banks won't loan you if you have bad credit history.*
3. You need knowledge. a) know the market, don't buta-buta kena chop by sales agent; b) learn government's incentives to help first time house buyer; 3) learn how to manage your cash flow before you start your loan repayment.

*I agree building credit profile with credit card is important but my first mortgage loan was approved without credit card payment history.

First House -- Virginnya... rmb to go for MyDeposit if you buy below 500k. Free money RM30k, no need pay back one...

what to prepare?
- downpayment
- booking
- legal fees
- stamp duty
- valuation (if you buy completed ones)
- progress interest (if you buy undercon)
- nice CCRIS report - if you don't have any loan, pls at least have a credit card. if you're clean, you're an ALIEN to all the financers. they cant determine your payment history.

Loan supporting docs:
- payslips
- epf
- tax docs
- bank statement to show your income tally with payslips
- employment letter
- bonuses letter or promotion letter
- savings - FD, Shares, Unit trust, so on...

generally to simplify you understanding, if you buy
- undercon, basically u need as little as 5k to acquire 1 unit..
- subsales (completed), u need alot more, like 10% downpayment, stamp duty, legal, valuation...

things to note:
- buy something EASY TO RENT and COVER MIN 80% OF INSTALMENT so it wont tied u down physically and financially... even if you travel or relocated due to work, you dont need to worry much on the unit bcos it's easily rented out and someone pay for your instalment...

This post has been edited by propertybuddy: Jan 28 2018, 07:52 PM

location location location
own stay or investment/rent?