Hi Sifus,

I am planning to buy a freehold condo worth RM 600k as a first time buyer and it is a subsales property.

What exemption am I entitled to get? I understood stamp duty exemption is covered only for new project or subsales property below RM 500k.

Can help to provide an estimation and breakdown on all fees (bank charges, legal, etc.) to be paid by me?

Thank you so much..

Correct. You will not get the exemption. Stamp duty waiver is for first home buyer buying residential title property value max 500K only.

Is there any way to get valuation on subsales property below market price so as to be able to get stamp duty exemption?

Cost of purchase is about 4% +/- purchase price excluding mrta.

No.

To be safe, buy property around 450k.

Stamp duty exemption / payable is based on govt valuation or snp price, whichever is higher.

If you buy a 550k property and sign snp at 450k, you will be tax.

This post has been edited by mini orchard: Apr 11 2022, 09:45 AM

Why I will be taxed if I buy a property at 550k or 600k and sign SNP at 450k? If the bank values the property at only 450k but owner charge me 600k, can I get the stamp duty exemption? the extra will be paid by myself and fama (father and mother) loan...

Govt valuation figure is for mot calculation to avoid commercial manipulation of SnP price by buyer seller. Is revenue to the govt.

Bank valuation is for risk mitigation.

Why buyer paid 600k for a 450k or 450k for 600k property is beyond the control of bank and govt.

This post has been edited by mini orchard: Apr 12 2022, 06:43 AM

What are the next processes after signing the offer letter?

Is the processes below correct?

1) Check eligibility of loan (based on salary, etc)
2) My lawyer will concurrently deal with seller's lawyer on the SnP agreement (Questions: What documents to be provided by owner? And how long does this process takes?)
3) After SnP prepared and signed, I have to start applying for bank loan (remaining 90%) and apply EPF for withdrawal?

Appreciate your kind response...

1 Buyer can start applying for bank loan based on offer letter.

2. If both party have their own lawyer, they will liaise with each other. Seller buyer dont involve in documents.

The valuation is done by the government and not price stated in S&P. The government will use the market price based on recent transactions.

600k for a condo is expensive, where is this place and what is the size of the condo?

An apartment in Bukit Jalil 1000 sq ft only sell at around 430k and you get your stamp exemption.

Don't buy expensive condo because in the future it will drop and you will lose money.

Below 500k is more reasonable

This post has been edited by ericthai: Apr 13 2022, 11:35 AM