A Malaysian Guide to Home Buying Fees and Charges
A MALAYSIAN GUIDE TO HOME BUYING FEES & CHARGES And a demonstration on why you should FIGHT for every 0.01% on your HOME LÓAN INTEREST RATE MONEY YOU'D HAVE TO PAY TO OWN A HOUSE IN MALAYSIA STAMP DUTY FOR TRANSFER OF SALE & PURCHASE AGREEMENT OWNERSHIP TITLE "SPA" LEGAL FEES (MEMORANDUM OF TRANSFER) $$$ $$$ 1% for the first RM100,000; 2% on the next RM400,000, and 3% on the subsequent amount 1% for first RM150,000 and 0.7% of remaining value of property within RM1 million SPA LEGAL FEE FOR TRANSFER OF DISBURSEMENT FEE OWNERSHIP TITLE 24 A few hundred Ringgit A few hundred Ringgit LOAN FACILITY AGREEMENT LEGAL FEES STAMPING FOR SPA $$$ 24 1% for first RM150,00 and 0.7% of < RM100 remaining value of loan within RM1 million BANK PROCESSING MORTAGE REDUCING TERM INSURANCE FEE FOR LOAN (i.e. INSURANCE FOR YOU HOME LOAN) $$ RM1,000 or more (i.e. May be waived by banks) RM200 or less LOAN FACILITY AGREEMENT LEGAL DISBURSEMENT GOVERNMENT TAX ON AGREEMENTS FEE A few hundred Ringgit 6% of total lawyer fees STAMP DUTY FOR LOAN $$$ 0.5% of loan amount AND OF COURSE. THERE'S... THE VALUE OF THE PROPERTY ITSELF BUT THAT'S NOT ALL The above aside, you'll be paying, quite possibly for a huge part of your remaining working life on... $. $4 HOME LOAN INTEREST $ $. To show you how a tiny % causes a HUGE difference, 4.2% 4.4% let's take a look at interest rates from TO Here's A Quick Comparison =(RM400,000 %3D 30 Years = 4.4% P.A. = 4.25% P.A. Monthly Payment = 4.2% P.A. Monthly Payment RM2,003 %3D Monthly Payment = RM1,968 %D RM1,956 Total Repayment Total Repayment Total Repayment RM721,096 RM708,393 %3D RM704,185 Total Interest Paid Total Interest Paid Total Interest Paid = RM304,185 RM308,393 RM321,096 %3D %3D DIFFERENCE = RM 4,208 DIFFERENCE = RM12,703 RM 16,911 FOR A 0.2% DIFFERENCĒ!!! CONCLUSION YOU CANNOT DO MUCH ABOUT THE LEGAL FEES AND CHARGES OR THE PROPERTY VALUE. BUT YOU CAN SAVE TONS BY: • FIGHTING FOR EVERY 0.01% ON YOUR HOME LOAN INTEREST. • BE AN INTELLIGENT HOME BUYER. ALWAYS MAKE SURE YOU'VE MADE COMPARISON ON HOME LOAN INTEREST RATES WITH SEVERAL BANKS BEFORE YOU COMMIT. YOU CAN DO THIS RIGHT NOW BY USINGA MULTI-BANK HOME LOAN CALCULATOR RIGHT HERE: www.IMONEY.MY/HOME-LOAN. HAPPY HOME BUYING! This infographic is brought to you by iMoney.mY a price comparison website dedicated to helping Malaysians make the best use of your money. We can be contacted at [email protected] INFOGRAPHIC DESIGN BY spurpress %24
A Malaysian Guide to Home Buying Fees and Charges
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