Selecting Your Home Sweet Home
Looking for the best deals in investment properties? or a Dream Home?
Here are some tips for you:
- Avoid a stressful lifestyle;
- Choosing of LOCATION – it is definitely not that easy.…, but of course it is the prime factor to consider before commitment to purchase.
look for easily accessible to public amenities, such as schools, banks, markets etc.
to ensure there are ample and convenient car parking lot available.
to visit the show unit if available, to get a better perspective of floor layout, specifications and quality of workmanship provided by developer.
visiting site of the “targeted property” at different times of the day to get a better assessment of the property.
select a neighbourhood with low crime rate; with the tremendous rise of crime rates today, may be you wish to consider gated and guarded community for safety of your love ones?….THINK TWICE
nevertheless, it is better to purchase a property that is within your budget.
You are strongly advisable to get in touch of a few bankers to compare and obtain the best loan packages provided. If you wish, you may also seek the assistance of the respective developer.
To expedite in processing of loan, documents required are:-
- a booking receipt issued by developer, be it initial payment or 10% deposit of purchase price;
- a copy of Sale and Purchase Agreement and/or document of title;
- a copy of applicant’s non-return identity card;
- a copy of applicant’s latest 3 months salary slip;
- a copy of the latest EPF statement.
The Employees Provident Fund (EPF) allows you to withdraw your savings in ACCOUNT II to part finance the purchase price of a property from developer.
You are eligible to apply if you are:
- A Malaysian Citizen;
- Non-Malaysian Citizen with Permanent Resident (PR) status;
- You have not reached 55 years of age on the date the application is received by EPF;
- You still have savings in Account II.
CONDITIONS FOR WITHDRAWAL
- You have purchased a property;
- You have executed the Sale and Purchase Agreement not more than three years on the date the applicant is received by EPF;
- You have never withdrawn your EPF savings for financing purchase of a property; or
- You have purchased a second property and had earlier withdrawn your EPF savings for property but you have sold the first property and subsequently purchased another property (on such circumstances, you must produce the proof of sale of the first property).
You can withdraw your savings based on the following, WHICHEVER IS LOWER:
The difference between the purchase price of the property and the loan amount with an additional 10% of the purchase price of the property OR the balance available in Account II;
The difference between the purchase price of the property and the loan amount with an additional 10% of the purchase price of the property OR the balance available in Account II of all applicants subject to the maximum eligible amount as stated above;
If you purchase a property by cash, you are eligible to withdraw as much as the purchase price of the property with an additional 10% OR the balance in Account II;
Full Loan (100%)
If you obtained a full housing loan (100%), you are eligible to withdraw as much as 10% of the purchase price of the property OR the balance available in Account II.
- After making the withdrawal, you are eligible to withdraw your savings to reduce/redeem the housing loan for the property once in three years;
- With effect from 1st January 2008, you can make monthly withdrawals from your Account II to assist in the monthly repayment of your housing loan installments.
If you have any enquiry or require further information on the withdrawal, please visit or contact:-
- Your nearest EPF office
- Call EPF Management Centre (Tel : 03-87326000)
Please quote your EPF membership number and you are encouraged to contact the EPF directly for assistance and advice.
Upon payment of 10% to the developer, you are immediately advised to execute the Sale and Purchase Agreement (SPA).
Types of Agreement:
- Schedule G – For use on Landed Properties, such as Terraces, Semi-Ds & Bungalows (with individual titles)
- Schedule H – For use on High-Rise and Subdivided Properties, such as Flats, Apartments, Condominium & Townhouses (strata titles)
FLOW CHART from execution of Sale and Purchase Agreement until loan drawdown
Legal Fees for Sale and Purchase Agreement and Loan Agreement are governed by the Solicitors’ Remuneration Order 1991 which provides the Standard Scale in determining your Solicitor’s fees.
Generally, these fees are borne by the buyer. However, certain developer and financial institutions may absorb these fees as part of their marketing strategies.
The Malaysia My Second Home (MM2H) was launched by the Malaysian Government to encourage Non-Malaysians from Overseas to retire in Malaysia or spend a considerable time in the country on a social visit pass (10 years) with a multiple entry visa which would allow them to and from Malaysia freely.
Under this programmed, the eligible foreign citizens will get to enjoy the relatively high standard of living, and at the same time experience the diversity of food and culture that our multi-racial country is able to offer them, all these without having to forego their citizenship.
For those successful applicants who wish to purchase properties, they are exempted from having to obtain Foreign Investment Committee (FIC) approval.
Any enquiries, please login to www.mm2h.gov.my for more information.