Before I buy a property, I thought it was always about looking at the property price, prepared the 10% downpayment, get a bank loan and job's done....but what happened over the last 3 months plus has given me a new understanding on what it really takes to buy a property.
|OWNING A HOME?|
- Stamp Duty - for transfer of ownership title, also known as memorandum of transfer (MOT). 1% for the first RM100,000; 2% for the subsequent RM400,000; 3% for the subsequent amount.
- Sales & Purchase Legal Fees (SPA) - 1% for the first RM150,000; 0.7% for the remaining value of a property within 1 million.
- Stamping for SPA - less than RM100.
- SPA Legal Disbursement Fees - a few hundred Ringgit
- Loan Facility Agreement Legal Fees - 1% for the first RM150,000; 0.7% of remaining value of a property within 1 million.
- Stamp Duty for Loan - 0.5% of loan amount
- Loan Facility Agreement Disbursement Fees - a few hundred Ringgit
- Fee for transfer of Ownership Title - a few hundred Ringgit
- Mortgage Reducing Term Insurance - basically, this is similar to how a life insurance works, but for your property. About RM1000. If you are close to the bankers, you may try to ask them to waive this for you.
- Government Tax on Agreement - 6% of Total Lawyer Fees
- Bank processing fee for loan - Approximately RM200