66 Tips To Own Your House

! , OWN & N EAR Y! ENJO

66

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TIPS TO OWN YOUR HOUSE

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TABLE OF CONTENTS 04 8 Things to Look Out For

08 6 Things To Consider When Choosing Where To Live With Your Kids

16 6 Top Amenities To Live Near That Affect House Value

06 5 Home Buying Mistakes That Almost Everyone Make

12 5 Mistake of Property Investors

20 The Costs of Buying A Property in Malaysia

14 5 Comparison of New House vs. Sub-sale Property

22 3 Ways To Securing Down-payment For Your First Home

24 5 Government Schemes For Malaysians To Own Homes

28 How To Improve Borrowing Power

31 Bank Loan Application Checklist

29 6 Ways To Improve Your DSR & Credit Rating

32 Loan Calculation

30 Steps To Owning A Home

33 Government Loan Entitlement Chart

34 5 Useful APP or Website for Homebuyer

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Things to consider when choosing where to live with your kids

1

Price

It goes without saying that price is the main basis for choosing a home closer to the city, a new township or in an older established neighbourhood.

For family with children, the consideration takes a whole different dimension.

So taking family expenditure into consideration will help you to narrow down your location options.

2

Location

Is the new house near to a school? How about babysitters and other amenities? Do any of my family members live nearby?

These are some of the questions that you would want to consider when it comes to choosing the best location to live with your kids.

That’s not all. Beyond these questions you may also want to consider the environment that you would like your children to be raised in.

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3

Safety & Security

Most would agree that safety is paramount. No parents would like to raise their kids in areas where safety is an issue or in neighbourhoods that are notorious for security breaches.

It would be wise to consider to purchasing a home that is installed with safety features or one that is located inside a gated and guarded community.

4

Type of Home

Which type of house is right for your and your family? You may pitch a highrise property against a landed property and weigh the pros and cons. It would be worthwhile to consider the family size and plans for expansion as well but these may not necessarily be a concern for young parents because the first home is usually a temporary means to an end before purchasing a dream home.

5

6

Education

As we discussed earlier in point number two, distance to an educational institute is a key consideration for deciding on the location.

For most parents, a reputable school, which is easily accessible, is a top priority. Needless to say, neighbourhoods with this feature becomes a major draw.

Moreover, developments with good schools in the vicinity tend to mature faster.

Lifestyle facilities and amenities

We cannot stress enough the impact of facilities and amenities to your overall lifestyle and wellbeing. Areas with facilities such as jogging paths, cycling tracks, basketball courts act as strong motivators to lead a healthy lifestyle – but how about other amenities? Missing out on some features such as nearby grocery stores may just be a minor inconvenience but missing out on key institutions such as a hospital can be problematic.

Source: •https://www.propsocial.my/topic/688/6-things-to-consider-when-choosing-whereto-live-with-your-kids-posted-by-propsocial-editor

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NEW

5

NEW COMPARISON OF VS NEW VS SUB-SALE SUB-SALE PROPERTY

A

spiring homeowners today are faced with two options – to either purchase a new property or dig deep into their pockets for a sub-sale home. While each type has its own advantages, homebuyers should give careful consideration in weighing their options before taking the plunge.

How deep is your pocket?

Needless to say, one of the main factors that a homebuyer should consider is price. Although house size and location contribute to the total cost, new homes are normally more expensive than sub-sale homes. That being said, new homes are often made attractive with numerous financing options as well as rebates from developers while sub-sale homes require the buyers to seek out own loans from financial institutions.

AMPLE FINANCING OPTIONS

LONGER WAITING TIME FOR COMPLETION

BRAND NEW PROPERTY WITH DEFECT LIABILITY PERIOD

CONTEMPORARY DESIGN

UP-TO-DATE SAFETY FEATURES

V

a seri pajam development newsletter 17 dapat rumah senang je//p.g pg. 15

S

SUB-SALE

FOR SA L E

NEED TO FIND YOUR OWN LOAN AND CAN BE TIME CONSUMING

IMMEDIATELY AVAILABLE

The factor of time Other advantages of purchasing a new home include modern design and defect liability periods as sub-sale properties are more likely to spot an outdated design with additional cost for repair works. As for turnaround time, sub-sale homes have an upper hand since they are available immediately while buyers of new homes may be required to wait for the project to receive its certificate of completion.

Turning a profit HIDDEN REPAIR AND MAINTENACE COSTS

TRADITIONAL DESIGN

OLDER, LESS SAFE BUILDING FEATURES

Whichever you choose, you can opt to rent the property out or use it for your own stay. Don’t forget that the amount of rent may vary depending on location, house condition and available surrounding amenities.

So which of the two options will be your choice? Need more help deciding? Talk to our friendly consultants for advice.

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TOP AMENITIES TO LIVE NEAR THAT AFFECT HOME VALUE

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PERFECTIONIST

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The Costs of Buying A Property in Malaysia When we talk about buying a property, the first cost that comes is always the down payment. But is that all? Aside from the down payment, there are other entry costs such as legal fees, stamp duty, which are equally important, but usually neglected.

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A. DOWN PAYMENT

10% of the total purchase price OR the difference between the loan amount and purchase price for 1st and 2nd houses.

Minimum of 30% of the total purchase price for 3rd house onwards.

Check out our special package at www.seripajam.com.my

B. COST RELATED TO SALES AND PURCHASE AGREEMENT Legal Fees + Stamp Duty + Disbursement

i) Legal Fees Purchase Price

Charges

First Next Next Next Next

1.0% (subject to a minimum fee of RM500) 0.80% 0.70% 0.60% 0.50%

RM500,000 RM500,000 RM2,000,000 RM2,000,000 RM2,500,000

ii) Stamp Duty Purchase Price

C. COST RELATED TO LOAN AGREEMENT Legal Fees + Stamp Duty + Disbursement

Charges

First RM100,000 RM100,001 to RM500,000 RM500,001 to RM1,000,000

1% 2% 3%

RM1,000,001 and above

4%

i) Legal Fees Similar to the Sales and Purchase Agreement Legal Fees ii) Stamp Duty Loan Amount

Charges

Total Loan Amount

0.500%

First-time homebuyers are entitled for 100% exemption on stamp duty for the first RM300,000 while the exemption on the excess between RM300,001 and RM500,000 is subject to the prevailing rate. These exemptions are only applicable for Sales and Purchase Agreement executed between 1st January 2019 and 31st December 2020, both dates included.

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3 ways to securing down-payment for your ďŹ rst home

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Government Schemes For Malaysians To Own Homes

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Stamp Duty Exemptions

Skim Rumah Pertamaku (SRP)

Skim Pinjaman Perumahan (SPP)

Skim Perumahan Mampu Milik Swasta (MyHome)

Skim Perumahan Belia (SPB)

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Total Debt Repayments Including Loan Applied for (Bank & Non-Bank) Debt Service Ratio % (DSR)

Total Nett Income After Statutory Deductions (i.e Tax, EPF, SOCSO)

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THE SLOT

WHY THEY WILL NEVER OWN A HOUSE?

the slot While the habit of saving for the future is a virtue, over committing to it may in turn be very costly to your property aspirations. The property market has indicated a steady growth in price and value for decades and is poised to do so for years to come. Hence, failing to commit to a piece property now could only mean ending up with a much smaller home in the future because your savings may not grow exponentially as the property market does.

So, make your

now.

THE WINDOW-SHOPPER

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WHY THEY WILL NEVER OWN A HOUSE?

window- shopper

the

Most of us are guilty of being a window-shopper once in a while.

The options are in abundance but one could end up making a cardinal mistake of losing out on a good deal if no prompt action is taken.

It is important to remain true to the reason of house hunting and to make objective decisions, or all the houses will be snatched up while you find yourself stuck in a window-shopping loop.

So, make your

now.

29

STEPS TO OWNING A HOME

STEP 1 Registration

Register yourself at www.seripajam.com.my or visit any of our sales gallery. Our sales personnel will be happy to provide you with registration forms in which you can state your preferred location and type of property.

STEP 2 Select A Unit

OFFER

Prior to a launch, registered buyers will get preferential choice in the selection units and this will be done on a first come first serve basis.

STEP 3

Upon selection of the unit, a letter of offer will be issued and the receipt for the initial 10% down payment.

Letter of Offer

STEP 4 Sales & Purchase

Execution of the Sales & Purchase Agreement must be done at our appointed solicitor’s office.

Agreement

STEP 5

Loan and EPF Withdrawal

Assistance will be given in the application for a house loan from our panel of end-financiers. EPF members, who would like to make withdrawal from your EPF account, please obtain the necessary forms from the EPF Office or download it at KWSP Website www.kwsp.gov.my.

SALARY EARNER/COMMISSIONER

NRIC Photocopy

SELF-EMPLOYED (SOLE PROPRIETOR/ SDN. BHD. / BHD.)

3-6 Months Salary Slip (Latest) 3-6 Months Bank Statement Slip (Latest) Latest Whole Year EPF Statement

EA Form, BE Form with Tax Receipt (Latest) Other Additional Income with Proof (Rental Agreement, Bonus, Commission) with Bank Statement (6 Months) (Latest)

Company Owner(s)

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LOAN CALCULATION PRODUCT

:

SPA PRICE

:

RM

RM

LOAN (

:

RM

RM

DIFFERENTIAL SUM

:

RM

RM

(A) PACKAGE

:

RM

RM

DOWN PAYMENT

:

RM

RM

EPF

:

RM

RM

SAVING

:

RM

RM

NLC

:

RM

RM

:

RM

RM

%)

(ACCOUNT 2)

(12 MONTHS, 0% INTEREST)

CREDIT CARD (36 MONTHS, 0% INTEREST)

YEARS

%

MONTHLY INSTALMENT

:

RM

RM

(B) MOT

:

RM

RM

:

RM

RM

:

RM

RM

(C) SPA

(LEGAL FEE)

TOTAL SAVINGS ( A+B+C)

# The above calculation is estimation only. # Monthly instalment may vary according to the interest rate & mortgage package.

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(EFFECTIVE 1 JANUARY 2017)

BASIC SALARY + FIXED ALLOWANCE* (RM)

MAXIMUM AMOUNT ELIGIBLE (RM)

BASIC SALARY + FIXED ALLOWANCE* (RM)

MAXIMUM AMOUNT ELIGIBLE (RM)

6,500 and above 6,000 5,700 5,500 5,000 4,700 4,500

750,000 720,000 680,000 650,000 600,000 560,000 540,000

4,300 4,000 3,800 3,500 2,900 2,300 Up to 1,700

510,000 470,000 450,000 420,000 340,000 270,000 200,000

*Fixed allowance taken into account: Fixed Housing Allowance (ITP) / Federal Housing Allowance (EPW); i. ii. Fixed Public Service Allowance (ITKA) / Overtime Allowance (ITK); and iii. Fixed Special/Key Position Allowance (ITJU).

Note: In line with Government’s decision as per announced in the 2017 Budget Speech, LPPSA (Lembaga Pembiayaan Perumahan Sektor Awam) eligibility will take into account both basic salary and fixed allowances as per indicated in the table above, effective 1 January 2017. For further enquiries, please contact LPPSA at 03-88801600 or via www.lppsa.gov.my Source from : http://www.lppsa.gov.my/v2/amaun-kelayakan-pembiayaan/

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Useful APP or Website for Homebuyer

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SERI PAJAM DEVELOPMENT SDN. BHD.