Which are some of the best area / projects for firsttime homebuyers in the Klang Valley area?
Most home buyers have a general set of criteria in place – the one that tops the list, however, would be transportation infrastructure. Most of my clients named ease of commute as their main consideration in purchasing a property.
One of them is looking to buy a condominium in Ara Damansara, as there is an LRT station nearby with the newly extended Kelana Jaya line. Thus, she will be able to avoid driving into the city and save considerable time and petrol.
There are also buyers who assess their target residential development based on road connectivity, especially new expressway links that provide alternative routes. A client of mine, who works in KL city centre, recently moved from Mont Kiara to Denai Alam. This is because he will be able to use the Guthrie Corridor Expressway (GCE) to access NKVE via the Jelutong toll without the hassle of going through the old trunk road every day.
Hence, any development in Klang Valley located nearby public transportation and connecting highways would add value to buyers. For further reference, potential purchasers can refer to the Prasarana website for location details of the existing and upcoming MRT / LRT stations as well as the highway toll exit areas.
What are the affordable housing scheme available for first-time homebuyers / young couples and what are the eligibility requirements?
Not many Malaysians, especially the Gen-Ys are aware of the housing schemes made available. The main one would be the My First Home Programme (Skim Rumah PertamaKu).
This scheme offers up to 100% financing on residential property with conventional or Islamic loan options. To qualify for the scheme, applicants must fulfil the following requirements:
• Malaysian citizen and first-time homebuyer
• Not exceeding 40 years of age
• Employees in private sectors, including statutory bodies that do not offer government staff housing loan/financing facility
• Single applicant gross income not exceeding RM5,000/month and joint applicants gross income not exceeding RM10,000/month (based on gross maximum income of RM5,000/month per applicant)
• Repayment of total financing obligation must not be more than 60% of the net monthly income or maximum financing limit of the participating bank, whichever is lower.
• For purchase of properties costing RM100,000- RM500,000.
Other conditions to take note of include:
• Financing tenure not exceeding 35 years, subject to applicant’s age not exceeding 65 years at the end of financing tenure.
• Amortising facility only (no re-drawable features)
• Instalments payable via monthly salary deduction or standing instruction
• Compulsory Fire insurance / takaful.
How do I apply for an affordable home scheme? What are some of the documents to be submitted?
All the major banks in Malaysia offer this scheme – Interested applicants can just walk into most banks to enquire. You will need to get ready the following:
1) IC copy
2) Latest 3 months salary slip
3) Latest 3 months bank in slip
4) Latest EPF statement
5) Last Year BE form (Income Tax Return) with receipt
6) Copy of Title / Copy of SPA 7) Copy of property booking form
8) Letter of Offer (Employment Letter)
9) Savings statement, ie: Unit Trust, Fixed Deposit, etc
Detailed information can be found here: http://www.srp.com.my/en/index.html
This article was first published in the iProperty.com Malaysia December 2016 Magazine. Get your copy from selected news stands or view the magazine online for free at www.iproperty.com.my/magazine.Better yet, order a discounted subscription by putting in your details in the form below!