Hi.. I want to buy my first house using Skim Rumah Pertama which entitle me for full loan.

I want to buy a rm200k house.

Let say on 2025 i can prepare rm20k downpayment.

Which is better route for me?

1) Buy now full loan because house price keep increasing?

2) Or wait for another 2 years, where i can pay rm20k downpayment.

Please advise.

I'll suggest 3) wait for the right property and the right location.

Once you have identified the right property, check the interest rate for 90% or 100% loan. If the interest rate is the same, then of course go for the 100% loan.

If the 100% loan comes with much higher interest rate, then consider 90% and borrow the leftover from your parents and pay them back slowly.

or buy now and withdraw money from epf, and then borrow 90% instead of full loan?

You actually need to have the 10% on hand first.

Epf withdrawal only happens after you sign the SPA.

you mean that only applies to SRP?

Buy now don't wait...

All this special first house skim better buy first when location is ngam already.
If not very fast no more

I mean the EPF withdrawal thingy.

You actually need to pay first, before you can withdraw from your EPF

If you already like the location then go ahead now

Wait 2 years maybe your salary bracket cannot quality for the skim

depends on developer & project

mine don’t need cash on hand

Thanks guys. I get new options from your comment. So the most important thing is to get good location first 👍

Agreed with @victorian

No point giving into FOMO and get a location that's difficult to live in and/or hard to resell.

Especially if you foresee likely to change job/change job location in less than a decade.

Not necessarily saying that you MUST aim for dream home on first try, but no point committing to such a heavy financial burden to a house you'd decide to not want to stay in anymore after 2-5 years.

This post has been edited by DragonReine: Feb 21 2023, 11:11 AM

If decent developer buy now

how to buy if u cant come up with the 10% downpayment?

If i was you,

Loan till the max, the 20k put into Flexiloan to reduce interest.

You get flexible fund 20k standby, and interest charges base on 180k only.

WinWin.

This post has been edited by wilson1149: Feb 22 2023, 10:56 AM

The amount of FOMO comment here haha.

Before you go ahead, ask yourself first these questions
1. Do you really need a house now?
2. Are you buying because your parents ask to or because most of your friends already bought new house?
3. Are the house near your workplace?
4. Any alternative to renting if it's near your workplace?

Actually questions like yours not unique, it comes every decade. (The part where "house price keep increasing")
This is a common case of FOMO where the auntie uncle all tell you the same bullshit story everytime. (Buy now because if not the house increase until roof)

I would invest your 20k and keep looking for the house you like instead of the house that is cheap

I was in a similar dilemma, but in the end decided to take a full loan on a 270k house using skim rumah pertamaku. I forked out for the earnest deposit and some lawyer fees (subsale house) but still request for 103% loan to cover most things.

The reason being my rental landlord was gonna increase my rental by RM 300 and for a young person, having more cash in hand is always better.

For a 200k house, if say your interest given by bank is high (usually high coz lower amount, in my case 4.3% by bank muamalat). I believe you can consider refinancing in a couple of years or pay more when possible (subject to how your loan is).

Oh and do take note about the waiver on stamp duty for eligible homes, that's a few K off.

This post has been edited by bismaximus: Feb 22 2023, 11:16 AM

Buy Now , why wait? this is for staying , not for invesment

can full loan wait for wat wor...

If your reason for asking whether to buy now or later is just to save on interest, I will buy now, then dump the 20k into the house loan in 2025.

In fact, no need to wait till 20k... can put into the house loan account as the money comes in. There are full flexible and semi flexible loans to choose from, each with its pros and cons.