IMoney Home Buying Guide
IMoney Home Buying Guide
IMoney Home Buying Guide
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02
10%
2%
8%
Booking fee
Remaining payment
Example:
RM450,000 x 2%
= RM9,000
Example:
RM450,000 x 8%
= RM36,000
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30
RM3,500
RM600
RM200
RM300,000
90%
RM270,000
4.45%
RM1,360/month
RM1,360 + (RM600 + RM200)
= RM2,160
RM2,160/RM3,500 (monthly
net income) x 100
= 62%
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Semi-flexi Loan
The main features of each type of loan and the best rates available are compared below:
Basic Term Home Loan
Repayment schedule
Fixed every
month
Optional
Optional
Compulsory
Additional payment
Automatically reduces
principal amount
Automatically reduces
principal amount
Withdrawal of additional
payment from linked
Current Account
No
c. MRTA vs MLTA
Upon the execution of the loan agreement with the nancial
institution you have chosen, the loan ofcer may ask you to take
out a mortgage life insurance.
http://www.imoney.my
Protection
No
Yes
Bank
Self-nanced
Low
High
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d. Final payment
After signing the loan agreement, your bank will remit the
remaining purchase price (i.e. 90% of the property price) in full to
the seller/agent (if buying completed property) or in stages to
the property developer (if buying a property still under
construction).
e. Transfer of title
The nal step before taking possession of the keys and the
house is to have the title (evidence of ownership) transferred to
your name. Doing so will once again require the involvement of
your lawyer. You are also required to pay a stamp duty fee
equivalent to a percentage of your house value as follows:
First RM100,000: 1% stamp duty
Next RM400,000: 2% stamp duty
Excess of RM500,000: 3% stamp duty
Once the title has been successfully transferred to your name,
you'll be a proud owner of a house. Congratulations!
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This spells good news for rst-time home buyers as the property
prices will escalate at a slower pace, making them more
affordable.
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Construction of
property
Property completed
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Citizen
Below RM400,000
Banned from selling within
ve years
Non-Citizen
Below RM250,000
Banned from selling within
ve years
3% Levy
2% Levy
All properties sold within
3 years
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Property criteria:
Minimum property value of RM100,000 and
maximum property value of RM400,000.
Residential properties bought for owner occupation
only.
Remaining lease of 60 years and above for leasehold
properties.
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Buy mortgage
life insurance
Transfer of title
Balance disbursement
by bank to seller
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Available on:
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