by Dato' Chris Chin
Youth Housing Scheme
Can you afford a place to call home especially in Klang Valley? It is undeniable that the sharp rise of house prices over the last 2-3 years had created difficulty for many people, especially the youth, who simply cannot afford to buy a house especially in Klang Valley.
A two-bedroom apartment in Klang Valley would cost at least anywhere between RM400,000.00 to RM500,00.00. Even if the bank approves a 90% loan to finance that apartment, the down payment would cost about RM40,000.00 to RM50,000.00. This would mean that a frugal working adult whom are able to save RM1,000.00 monthly, can only afford his first house 40 months later (that makes 3 years plus). Let's face the reality, by 3 years time, that apartment would cost at least 30% more. And can you really save RM1,000.00 monthly by living in KL with the few thousand ringgit salary monthly?Can you afford a place to call home especially in Klang Valley? It is undeniable that the sharp rise of house prices over the last 2-3 years had created difficulty for many people, especially young working adult, who simply cannot afford to buy a house especially in Klang Valley.
Let us look at the scenario below:
A two-bedroom apartment in Klang Valley would cost at least anywhere between RM400,000.00 to RM500,00.00. How much do you need to purchase this two-bedroom apartment?
TOTAL : RM 52,250 -RM65,450
Can you imagine how much you need to save each month in order to afford RM 52,250 -RM65,450?
The phrase "free legal fees" as advertised by developers is no longer alien to us. In fact, we would think that when we purchase any property direct from the developer, many of us will ask if there is any " free legal fees ". What does the phrase " free legal fees " connotes? Does it mean that we do not need to pay a single cent for legal fees? At least the literal interpretation of the phrase " free legal fees " suggests so. Click below to read more.
When we plan to purchase a property, the only factor most of us consider is the down payment and purchase price of the property, especially if you are planning to get your first property. You should take into account other costs involved such as legal fees and stamp duty for your Sales and Purchase Agreement (SPA / S&P) and Loan Agreement and valuation fees (if any).
What is Down Payment?
Stamp Duty for Memorandum of Transfer (MOT) and Loan Agreement
Legal Fees for Memorandum of Transfer (MOT) and Loan Agreement
Legal fees is payable to the appointed lawyer who will prepare Sale & Purchase Agreement between purchaser and vendor.
Valuation Fees (Secondary Market only)
For capital valuation/rating valuation services based on an “Improved Value” basis.