i thought we formulate the base pay rate because we want to benefit local more and reduce reliance on foreigner?
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Living in JB 3 (Johore)
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i thought we formulate the base pay rate because we want to benefit local more and reduce reliance on foreigner?
Realistically there are many blue collar jobs shunned by Singaporeans, and not all Singaporeans have the expertise in everything. SPRs from Malaysia will be the biggest group of beneficiaries.
Great! This is the adv I'm looking for
But this weekend cannot make it. Many Thanks for the info
Have a great weekend everyone!!!Are you financially ready to buy a house in Malaysia?
Posted on March 6, 2013 - Featured, Investment.
And what you can do if you’re not
Owning a home you can truly call your own represents the ultimate dream for many. But with escalating real estate prices and the burden of lengthy loan repayment periods that easily go into 30 years or more, buying and financing a home is not just a matter of saying “I like it” and signing on the dotted line. It is something that should be done with a great deal of sense and prudence.
For all aspiring Malaysians who are actively considering buying a home by taking a loan, here are three things to determine if you’re financially ready to undertake this life-changing endeavor:
1) Do you have enough for the upfront costs?
In Malaysia, most banks offer up to 90% of the property’s price (margin of financing) for your first two residential properties. If you receive that 90%, you need 10% cash to pay for the rest of the property’s price.
Say you’re targeting to buy a condo in Cheras for approximately RM400,000, you must have a minimum RM40,000 to pay upfront, be it from your savings or money from your parents, siblings or partner.
2) Do you have extra cash for miscellaneous fees and charges?
First-time home buyers may not know it; but buying and financing a home takes more than just the deposit and the loan, it also involves miscellaneous fees and charges that include, among others:
1. Stamp duty for transfer of ownership title (also known as memorandum of transfer or MOT) = 1% for the first RM100,000; 2% on the next RM400,000, and 3% on the subsequent amount.
2. Sale & Purchase Agreement (“SPA”) legal fees = 1% for first RM150,000 and 0.7% of remaining value of property within RM1 million
3. Stamping for SPA = Less than a hundred Ringgit
4. SPA legal disbursement fee = A few hundred Ringgit
5. Loan facility agreement legal fees = 1% for first RM150,000 and 0.7% of remaining value of loan within RM1 million
6. Stamp duty for loan = 0.5% of loan amount
7. Loan Facility Agreement legal disbursement fee = A few hundred Ringgit
8. Fee for transfer of ownership title = A few hundred Ringgit
9. Mortgage Reducing Term Insurance (ie. think of it as a life insurance for your home loan) = RM1,000 or more (some banks waive this amount)
10. Government Tax on Agreements = 6% of total lawyer fees
11. Bank processing fee for loan = RM200
*Note: The percentages are based on recommended numbers and industry averages. Actual figures may differ.
To put things into perspective, a home valued at RM400,000 with 90% margin of financing comes close to about RM20,000 in fees and charges – which will have to be borne by you, the buyer. Now consider this: do you have the money to make it happen?
3) Can You Afford to Pay the Monthly Installment?
Unless you have the financial muscle to buy a property with cash upfront (in which case, this article probably wouldn’t apply to you), you’ll need to secure a loan from a bank or a financial institution to help pay for your home.
Based on the current market rate of 4.2% to 4.4% p.a. interest for a standard home loan, you will need to pay a minimum of RM1,760 per month over the next 30 years for a 90% loan to finance a RM400,000 home. To quickly calculate the monthly installments charged by banks of Malaysia for a home loan of any value, you can use online calculators.
As most financial experts recommend that you allocate no more than one-third of your total income to pay off your home loan, this means you or your household should have an income of at least RM5,280 per month to afford the RM400,000 home.
Take note that Malaysian banks generally allow you to hold loans (including commitment for car loan, personal loan etc) of up to 80% of your income if you have a relatively good credit score, so you can always choose to increase your monthly installment and shorten your loan term. But make sure you’ve done the math and understood the financial implications before you commit!
What If I Don’t Qualify?
For those of you who can afford the monthly installment but do not have the necessary savings for down payment and legal fees & charges, hope is not lost.
For a start, you may consider looking around for properties with free SPA and loan facility agreements to save thousands of Ringgit in legal fees. This should be relatively simple as most new property projects commonly absorb the costs of legal agreements for home buyers.
To cut down on the initial payment needed to buy a home, do actively shop around for properties with low initial down payments. Many developers now offer competitive early bird or “easy entry” sales packages which include rebates of between 2% to even 10% of the property price.
Ultimately, buying a home is a serious life decision that shouldn’t be taken lightly. Though owning a home in a posh area is always nice, one should always consider one’s financial position when it comes to buying property, so you don’t end up being overly burdened for the next few decades. Hopefully, this article will serve as a general guide for all Malaysians who are thinking about buying a home now.
Posted on March 6, 2013 - Featured, Investment.
And what you can do if you’re not
Owning a home you can truly call your own represents the ultimate dream for many. But with escalating real estate prices and the burden of lengthy loan repayment periods that easily go into 30 years or more, buying and financing a home is not just a matter of saying “I like it” and signing on the dotted line. It is something that should be done with a great deal of sense and prudence.
For all aspiring Malaysians who are actively considering buying a home by taking a loan, here are three things to determine if you’re financially ready to undertake this life-changing endeavor:
1) Do you have enough for the upfront costs?
In Malaysia, most banks offer up to 90% of the property’s price (margin of financing) for your first two residential properties. If you receive that 90%, you need 10% cash to pay for the rest of the property’s price.
Say you’re targeting to buy a condo in Cheras for approximately RM400,000, you must have a minimum RM40,000 to pay upfront, be it from your savings or money from your parents, siblings or partner.
2) Do you have extra cash for miscellaneous fees and charges?
First-time home buyers may not know it; but buying and financing a home takes more than just the deposit and the loan, it also involves miscellaneous fees and charges that include, among others:
1. Stamp duty for transfer of ownership title (also known as memorandum of transfer or MOT) = 1% for the first RM100,000; 2% on the next RM400,000, and 3% on the subsequent amount.
2. Sale & Purchase Agreement (“SPA”) legal fees = 1% for first RM150,000 and 0.7% of remaining value of property within RM1 million
3. Stamping for SPA = Less than a hundred Ringgit
4. SPA legal disbursement fee = A few hundred Ringgit
5. Loan facility agreement legal fees = 1% for first RM150,000 and 0.7% of remaining value of loan within RM1 million
6. Stamp duty for loan = 0.5% of loan amount
7. Loan Facility Agreement legal disbursement fee = A few hundred Ringgit
8. Fee for transfer of ownership title = A few hundred Ringgit
9. Mortgage Reducing Term Insurance (ie. think of it as a life insurance for your home loan) = RM1,000 or more (some banks waive this amount)
10. Government Tax on Agreements = 6% of total lawyer fees
11. Bank processing fee for loan = RM200
*Note: The percentages are based on recommended numbers and industry averages. Actual figures may differ.
To put things into perspective, a home valued at RM400,000 with 90% margin of financing comes close to about RM20,000 in fees and charges – which will have to be borne by you, the buyer. Now consider this: do you have the money to make it happen?
3) Can You Afford to Pay the Monthly Installment?
Unless you have the financial muscle to buy a property with cash upfront (in which case, this article probably wouldn’t apply to you), you’ll need to secure a loan from a bank or a financial institution to help pay for your home.
Based on the current market rate of 4.2% to 4.4% p.a. interest for a standard home loan, you will need to pay a minimum of RM1,760 per month over the next 30 years for a 90% loan to finance a RM400,000 home. To quickly calculate the monthly installments charged by banks of Malaysia for a home loan of any value, you can use online calculators.
As most financial experts recommend that you allocate no more than one-third of your total income to pay off your home loan, this means you or your household should have an income of at least RM5,280 per month to afford the RM400,000 home.
Take note that Malaysian banks generally allow you to hold loans (including commitment for car loan, personal loan etc) of up to 80% of your income if you have a relatively good credit score, so you can always choose to increase your monthly installment and shorten your loan term. But make sure you’ve done the math and understood the financial implications before you commit!
What If I Don’t Qualify?
For those of you who can afford the monthly installment but do not have the necessary savings for down payment and legal fees & charges, hope is not lost.
For a start, you may consider looking around for properties with free SPA and loan facility agreements to save thousands of Ringgit in legal fees. This should be relatively simple as most new property projects commonly absorb the costs of legal agreements for home buyers.
To cut down on the initial payment needed to buy a home, do actively shop around for properties with low initial down payments. Many developers now offer competitive early bird or “easy entry” sales packages which include rebates of between 2% to even 10% of the property price.
Ultimately, buying a home is a serious life decision that shouldn’t be taken lightly. Though owning a home in a posh area is always nice, one should always consider one’s financial position when it comes to buying property, so you don’t end up being overly burdened for the next few decades. Hopefully, this article will serve as a general guide for all Malaysians who are thinking about buying a home now.
i wasnt expecting Bryan Wong when i was at Aeon ard 5plus yesterday , he was there to share ideas ....
So how was it? good ? Pls share
Thanks
which one u meant ? Bryan Wong ? i didnt really pay attention as views were blocked as they presented in each area ... but the package doesnt suits me as the min package must be RM50k , despite u remove those items u dont want and must top up on other things ...
The furniture shop next to TGV was at the exhibition, guess they have value for money products
I was there. Probably you need at least 2 x $50k RM package for a typical double storey terrace. The items are interchangable if you don't need them.
with regards to renovation, this is what the property ppl in sg do. they will get a reliable contractor in sg, sign the contract in sg to get them to do the reno in jb. most of the good sub-cons who work in sg are from JB anyway. heard too many horror stories abt JB contractors to sign directly with them in JB
I assumed the price would be DOUBLE with the same work done in JB cos contract signed in SG.
I found one' onestop interior designer' from Taman Molek not sure whether it is trustworthy? ever heard of'Dewani design sdn bhd?'
could be double. i really wouldnt know. for me, peace of mind is important. pay a little more and worry a little less. having said that, the sg contractor can still screw up. even in sg, i dont use the mass mkt contractors. learnt my lesson when i renovated my home in sg. but then again, its just me. you may not be as picky as me.
I assumed the price would be DOUBLE with the same work done in JB cos contract signed in SG.
I found one' onestop interior designer' from Taman Molek not sure whether it is trustworthy? ever heard of'Dewani design sdn bhd?'
Most ID company use JB workers or even sub-contract some jobs there, maybe can get referral from your regular ID contact in Sg.
Just use JB contractors. There are many good ones out there too.
I assumed the price would be DOUBLE with the same work done in JB cos contract signed in SG.
I found one' onestop interior designer' from Taman Molek not sure whether it is trustworthy? ever heard of'Dewani design sdn bhd?'
Personal experience.. if you intend to go for this "one stop" reno- the total cost will be ~50-100% more if you look for different contractors.
For me:
1 contractor all all the wet work (tiles, hacking, cement & false ceiling)
1 constrator for piping and heater tank installation
1 contractor for carpentry
1 contractor for wiring.
1 contractor for grill & all glass works
Depends how extensive the renovation you wanna do, if you wanna do a lot... and with budget in mind, suggest u go separate contractor to build ur dream home.
Cons, you need to do a lot of co-ordination and follow up.
hey bbbear
u have lobang for grilles contractor ?
u have lobang for grilles contractor ?
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