Hi all. Throwaway account. Seeking for advice.

So, here's the context:

Me and family (grandma, mom, and I, plus 2 cats) are still renting at a Selangor suburb double-storey terrace, RM900 a month, for almost about 5 years now. (we also have been renting all our lives, but at other places. This house has been the longest since.)

So we have been planning to buy a house for our own stay.

Mom is a single mother since we were kids, and has been a bankrupt ever since, so cannot buy house. She is still working, self-employed, making abt RM1k - RM2k a month. Siblings have moved out (renting also) close to their work.

So I have just started working at a private company, for almost a year now. So I carry the responsibility to buy the house. And I want to. Really wanna live in a house that we can call our own. (siblings willingly agreed to also chip in the monthly repayment though)



My profile:

26 y/o f single, fresh grad

Net pay is RM3000, office in Klang Valley

Commitment: credit card (5% of credit limit is RM175). No other commitment.

Budget: <RM320k. But mom has always wanted a landed house in Selangor. But about that... ok more on that later.



So, we went house hunting for months, did our "research", went to rumah contoh and all that. Long story short we placed a booking for a townhouse project KITA Mekar at Cybersouth. Agent submit loan.

- Selling price: RM419,900.00 (I know! So out of budget. But its like the cheapest for a landed house in good area of Selangor and the agent said there's a possibility of my loan being approved.)

- Nett price after discount: RM369,910.00

- Zero d/p, free legal fee, loan fee, MOT. Booking: RM500.00

- Free kitchen cabinet

- Malay reserved land; 1,346 SF, 4BR + 2B + store + yard (townhouse lower unit)

- Year of completion: Q2 2024

- Distance to/from work: 36 km, 45 mins (MEX) Toll: Up to RM11 per day.

- By then the MRT Cyberjaya will be in operation so can take MRT.



So after a while, we thought, ok let's also opt for high rise since its more ngam with our budget. I applied RUMAWIP (mom didn't really quite like since its in KL. I like, because its closer to work. But after thinking about my mom and grandma, the house is not as comfortable for them to live long term). And then we found a project that make us reconsider our life choices. Residensi Adelia 3, Bangi Avenue.

- Selling price: RM338,000.00

- Nett price: RM304,200.00

- D/P: 10%, Rebate: 9%. So deposit only become 1% which is booking: RM1000.00, upon sign SPA: RM2,380.00

- Free furniture (3 aircond, 3 wardrobe, 3 water heater, kitchen cabinet and tabletop, fridge, TV 32 inch, cabinet TV)

- Freehold; 1045 SF, 3BR (2 master bedroom) + 3B + yard + balcony

- Year of completion: Q4 2024/Q1 2025

- Distance to/from work: 37 km, 45 mins (PLUS) Toll: Up to RM3 per day. But jammed as hell I think.

- But can drive to MRT Kajang and take MRT.



We already placed a booking for this project also. Fully refundable. I know, we made impulsive decisions . Agent said after some weeks we can choose unit, and then agent will submit loan. We like this project because it has 2 master bedrooms, which is perfect for all 3 of us. And the location. The town is more matured there. But for our cats... kinda sad la because our cats have been living the fabulous "landed" life for all their lives also (they love playing outside).



Fast forward to now, the loan for the townhouse is approved under condition:



- Loan 100%

- MLTA RMxxxx

- MRTA RMxxxxx (30+0yrs)

- Total loan RMxxxxxx

- Rate 3%

- Tenure 35 years

- Repayment RM1,688

- FD pledge RM 20k, for 5 years (btw what does this mean? Tried googling and reading but not quite get it)

- Because loan is 100%, we will get 10% cash (around RM50k) on key collection.



Our concerns are:

- The repayment is too high. Although my siblings agreed to chip in, but there's really no guarantee we can rely on that. And not even including utilities, wifi etc yet. And my DSR also will be high too.

- Scared if we don't sign this loan offer, and then what if loan for project Adelia also not approved.

- After some calculation, let's say the loan for Adelia is approved under SAME condition as above, the monthly repayment can be up to RM1341, so quite a difference there. But that is if its under the same condition. The lowest repayment, (90% loan) is RM1170. Oh and the maintenance fee is also quite high, RM200.



Other thoughts:

- Townhouse in Selangor for that price is actually really worth it. "2 years later, for RM369k can only get studio, nak dapat townhouse tak mungkin lagi. 2 years later when you see the property price, you might regret. The best time to buy a property is 10 years ago, the 2nd best time to buy is now". These are the words from the agent. Deep down I kinda agree, it's a great asset but at what cost? Ikat perut to pay monthly Although the repayment starts upon key collection, which means in 2 years time, and probably my salary also increase (but who can guarantee, I also just started working). Yea, all is risk. High risk high return gitu. But, I really don't know to decide now.



So my dear Malaysians, I would like to seek for your advice, thoughts, and anything that you can share with me. I really appreciate it.

Thank you.