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| 1:: | I am a foreigner, can I buy a RESIDENTIAL
property in Malaysia? Foreigners are allowed to acquire all types of residential units, shop houses, office space and retail space in either old or newly launched projects costing more than RM250,000.00 each without having to set up a company with local equity. |
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| 2:: | Are foreigners allowed to obtain loans
from the local finance institutions? Foreigners are titles allowed to obtain their loans for the purchase of the property from local sources. |
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| 3:: | What are strata titles? Strata titles are issued for subdivided buildings of two or more storeys built on land held under a single final title. |
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| 4:: | What is Service Charge? Service charge is the sum of money that each strata owner is required to contribute each month to defray the costs of maintaining the common property. |
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| 5:: | How much should I pay for the legal fees?
Please be aware that the schedule for legal fees are numerous and varied, thus it is advisable to consult your lawyers for the present calculation of the legal fees.
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| 6:: | What is Mortgage Reducing Term Assurance
(MRTA) & should I pay for it? Mortgage Reducing Term Assurance (MRTA) is a scheme where you are covered for the amount of the loan for the period of the loan. MRTA premium is one lump sum and very often the lending institution will arrange fire and MRTA of insurance cover. If you pass away during the period of the loan, the Insurance Company which issued the policy will pay the outstanding balance of the repayment to the bank/finance institution. |
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| 7:: | How do I pay for the purchased unit
and when should I pay? If you purchase a new unit directly from a developer, the purchase price of the unit shall be paid by yourself to the developer by instalments as prescribed on the Third Schedule of Sales & Purchase Agreement (Schedule of Payment of Purchase Price). Every notice referred to in the Third Schedule requesting for payment shall be supported by a certificate signed by the developers architect in charge of the development. |
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| 8:: |
What are the documents required to execute in order to formalize
the sale & purchase of a property? |
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| 9:: | What are the procedures and documents
required to apply for a housing loan? You will required to fill in an application form for the loan with the following details: 1) Personal particulars 2) Particulars of employment/income 3) Particulars of joint applicant, if any 4) Financial particulars 5) Particulars of loan applied 6) Details of property to be financed 7) Particulars of other loans taken from other financial institutions, if any 8) Declaration Documents required 1) Photocopy of identity card 2) Photocopy of the Sales & Purchase Agreement 3) Photocopy of the last three (3) years Form J or EA Form 4) Photocopy of the last 3 months salary slips 5) Letter of Confirmation of employment (for employees) 6) Photocopy of the last 6 months bank statement (current, savings or fixed deposits) 7) Photocopy of the last2 years profit & loss account (if self-employed) |
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| 10:: | What is Real Property Gains Tax (RPGT)?
RPGT is chargeable on the net gains to the property owner upon disposal of the property. Expenses incurred in acquiring as well as disposing the property can be deducted from the gains made on the sale of the property. The RPGT for Malaysian tax residents is computed on a sliding scale as follows: (based o current tax rates)
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