Cash Buyer (Without Home Loan) Buying Property in Malaysia

[yoyora1974]

I believe there many buyer purchase property in JB and i other states of Malaysia.

May I know is there any cash buyer here who using cash only (without borrow loan from banks) to buy property in Malaysia?

How the cash buyer pay cash to developer or owners? By manually carry the cash from Singapore and then pass to or bank in to developer or owner ?

Heard some cash buyer TT cash via online bank from Sgp banks and some using money changer to remit money to developer's or owner bank account in Malaysia.

How do we transfer money (via TT / remit / others) to Malaysia? Any cheap and reliable bank or money changer to recommend?

Thanks so much.

 

[shctaw]

Open a bank account in Malaysia. Preferably same bank as in Singapore.

Example. UOB Malaysia. OCBC Malaysia.

Sent them a cheque in Singapore dollar. They will call u when fund is cleared. To fix a rate. Try to get premier banking or priority baning.

Another way is to exchange cash and bank in.

Also can use bank transfer but rate is lousy.

Bank in Malaysia will give u a cheque book. Issue the cheque and sent by post.

How do we transfer money (via TT / remit / others) to Malaysia? Any cheap and reliable bank or money changer to recommend?

Thanks so much.

 

[snowbird]

Please take note that you are not allowed to take cash exceeding USD10K, or an equivalent in any other foreign currencies, into Malaysia.

 

[Manhattan]

Open an account with the same bank in SG and Msia. Link them up. In Msia acct, open a SGD acct. Then internet transfer from SG bank the SGD over to Msia bank, usually this is without fees. I.e. SGD 1 to SGD 1.
Then call your bank in Msia to ask for a quote for the exchange rate, and they will do the exchange for you from SGD to Myr. The rate is as good as you can get from money changer.
If you then want to pay cash for your property, set up the payee (developer) with the bank, then in future just call your bank and they will transfer the money to your developer for progressive payments. Your developer will then issue receipt to acknowledge your payment. While waiting for your payment, let the money in the bank work harder by placing them in 3 month fixed deposit to earn 3+%.
Once set up, all future payments can be done via a phone call to bank.

 

[yoyora1974]

Open a bank account in Malaysia. Preferably same bank as in Singapore.

Example. UOB Malaysia. OCBC Malaysia.

Sent them a cheque in Singapore dollar. They will call u when fund is cleared. To fix a rate. Try to get premier banking or priority baning.

Another way is to exchange cash and bank in.

Also can use bank transfer but rate is lousy.

Bank in Malaysia will give u a cheque book. Issue the cheque and sent by post.

Hi shctaw;

So For example, i should open a saving bank account (and current acc also??) in both in Sgp and Msia such as OCBC bank? How to open the priority or premier banking and what is the fee and requirement? Is this banking only cater for business man or those ppl with a lot of cash? Sorry i only have a POSB and OCBC saving acc. I dun know abt the premier banking acc

 

[yoyora1974]

Open an account with the same bank in SG and Msia. Link them up. In Msia acct, open a SGD acct. Then internet transfer from SG bank the SGD over to Msia bank, usually this is without fees. I.e. SGD 1 to SGD 1.
Then call your bank in Msia to ask for a quote for the exchange rate, and they will do the exchange for you from SGD to Myr. The rate is as good as you can get from money changer.
If you then want to pay cash for your property, set up the payee (developer) with the bank, then in future just call your bank and they will transfer the money to your developer for progressive payments. Your developer will then issue receipt to acknowledge your payment. While waiting for your payment, let the money in the bank work harder by placing them in 3 month fixed deposit to earn 3+%.
Once set up, all future payments can be done via a phone call to bank.

Actually I oredi hv OCBC saving acc in Sgp, so do I need to go down 2 Msia to open another OCBC acc and then tell OCBC to link up both Sgp & Msia saving acc?

 

[chewlwb]

I am a Singaporean, planning to buy a house in Malaysia. So, tried opening Maybank and CIMB bank account in Johor to make it easier to arrange payments etc. Not successful. Both gave same criteria:

1. You need to have a local (ie Malaysia) address.
2. If don't have local address, then need to take up the mortgage loan with the bank.

Looks like if one wants to pay in cash, no choice. Either TT through bank (lousy rates - approx +- 1.5% buy/sell spread) or TT through reputable remittance company (better rates, +- 0.3% buy/sell spread).

Anyone with better method, do let me know. Thanks.

 

[Frodo]

I am a Singaporean, planning to buy a house in Malaysia. So, tried opening Maybank and CIMB bank account in Johor to make it easier to arrange payments etc. Not successful. Both gave same criteria:

1. You need to have a local (ie Malaysia) address.
2. If don't have local address, then need to take up the mortgage loan with the bank.

Looks like if one wants to pay in cash, no choice. Either TT through bank (lousy rates - approx +- 1.5% buy/sell spread) or TT through reputable remittance company (better rates, +- 0.3% buy/sell spread).

Anyone with better method, do let me know. Thanks.

Alternatively just take up a mortgage loan. Then you will have a Current Account. Then take all your cash and pump it into the current account. Let them deduct the monthly instalment. You won't have to pay any interest on the loan at all. Effectively cash purchase. I believe this is how it works with my current MY bank loan, except that I do not have any cash power to do that. Any brothers here can confirm?

 

[angmokio]

Alternatively just take up a mortgage loan. Then you will have a Current Account. Then take all your cash and pump it into the current account. Let them deduct the monthly instalment. You won't have to pay any interest on the loan at all. Effectively cash purchase. I believe this is how it works with my current MY bank loan, except that I do not have any cash power to do that. Any brothers here can confirm?

Let me share what Ive been doing past 3/ 3 1/2 years and my service apartment, Suasana almost ready mid of this year located at City Square, Komtar.
Open an OCBC at Wong Ah Fook savings account and also a fixed deposit account. In parallel also a UOB City Square fixed deposit and in this way you can compare which offers higher FD which is usually at 4 %. Meaning to say every 100k you put in, you will earn 4k interest per annum which most likely enough to pay for your property maintenance.
Also in parallel when you purchase your JB property, you may TT progressively from Singapore direct to your developer.

 

[enjoylife77]

Let me share what Ive been doing past 3/ 3 1/2 years and my service apartment, Suasana almost ready mid of this year located at City Square, Komtar.
Open an OCBC at Wong Ah Fook savings account and also a fixed deposit account. In parallel also a UOB City Square fixed deposit and in this way you can compare which offers higher FD which is usually at 4 %. Meaning to say every 100k you put in, you will earn 4k interest per annum which most likely enough to pay for your property maintenance.
Also in parallel when you purchase your JB property, you may TT progressively from Singapore direct to your developer.

What's the name of the hotel next to Suasana?

 

[angmokio]

What's the name of the hotel next to Suasana?

Amari hotel, Suasana and Zenith mall are the same development, beside this is a old, refurbished hotel Bagus (if I can remember)

 

[angmokio]

Suasana along jalan wong ah fook

 

[angmokio]

 

[jayeho]

I believe there many buyer purchase property in JB and i other states of Malaysia.

May I know is there any cash buyer here who using cash only (without borrow loan from banks) to buy property in Malaysia?

How the cash buyer pay cash to developer or owners? By manually carry the cash from Singapore and then pass to or bank in to developer or owner ?

Heard some cash buyer TT cash via online bank from Sgp banks and some using money changer to remit money to developer's or owner bank account in Malaysia.

How do we transfer money (via TT / remit / others) to Malaysia? Any cheap and reliable bank or money changer to recommend?

Thanks so much.

Don't buy property in MY, I have been through. Heard of many bad things from those elderly years ago before i committed, yet I regretted not to listen to them...

Initially I thought has relatives there, for retirement, should be fine, but... the cons and pros, must really reconsider, think again and revaluation again before commit: traffic jam, time spent, any problem happens anyone can help instantly or solved eventually, all kinds of monthly/yearly fees, instalment and taxes, exchange rate depreciation yearly, selling price will only lower then expected and most of the locals dont really want buy over owned, unless your price is cheaper.... think thrice...

 

[myrsing]

Don't buy property in MY, I have been through. Heard of many bad things from those elderly years ago before i committed, yet I regretted not to listen to them...

Initially I thought has relatives there, for retirement, should be fine, but... the cons and pros, must really reconsider, think again and revaluation again before commit: traffic jam, time spent, any problem happens anyone can help instantly or solved eventually, all kinds of monthly/yearly fees, instalment and taxes, exchange rate depreciation yearly, selling price will only lower then expected and most of the locals dont really want buy over owned, unless your price is cheaper.... think thrice...

Buy to stay. Not to flip.

 

[jayeho]

Yes, I stated, i bought it for retirement initially... not for flip. Thank for remind.

 

[bobby]

Can...but very soon also without home.

 

[jayeho]

Can...but very soon also without home.

Yes, I heard from MY neighbours, a landlord was surprised to see their house was returned without furnitures and electricals which were provided by landlord, were also removed by the tenant

 

[myrsing]

Yes, I stated, i bought it for retirement initially... not for flip. Thank for remind.

Landed or pigeon hole?

 

[jayeho]

Landed or pigeon hole?

Any property outside sg, just be careful.