Is now good time to buy house?


(Benjovi) #41

[quote=“ranny”][quote=“J.Howard”][quote=“ranny”]anyone know the four houses opposite Esplanade approx 1 million each?

good buy or not?[/quote]

its good if can afford it.[/quote]

good thinking there :?[/quote]

Went to the house few months back, asking for RM 1.2 mill. The location is goos and on a freehold land! Hard to find freehold land nowadays! Grace Garden, Meteor Garden are freehold land houses that I knew.

So, we went inside to see, expecting some extravaganza build and display for that kind of money spend. What a disappoinment, it is no better than any of the houses sold around Miri. What I am expecting are, marble or granite flooring, kitchen top and bathroom. But they are all normal tiles and definitely need lots of renovation, on top of the 1.2 mil price tag.


(hAnn) #42

for those who hav doubts on the side charges of buying a house:

  1. Sales & purchase agreement.

a) Legal Fee
First RM 150,000 = 1.0% (minimum fees of RM 300)
Next RM 850,000 = 0.7%
Next RM 2,000,000 = 0.6%
Next RM 2,000,000 = 0.5%
Next RM 2,500,000 = 0.4%
Excess RM 7,500,000 = Negotiable (not exceeding 0.4%)

Example of a house priced RM250,000:
RM 150,000 = 1.0% x RM 150,000 = RM 1,500
RM 100,000 = 0.7% x RM 150,000 = RM 700
Legal Fee = RM 2,200

b) Stamp Duty (MOT = Memorandum of transfer):
First RM 100,000 is at 1% of the value
Next RM 400,000 is at 2% of the value

Example of a house priced RM250,000:
RM 100,000 = 1.0% x RM 100,000 = RM 1,000
RM 150,000 = 2.0% x RM 150,000 = RM 3,000
Stamp Duty = RM 4,000

c) Disbursement fees: Land search + Q.A Search + Affirmation and etc
~= RM 200 - RM 400

d) Others: Miscellaneous + Transportation
~= RM 150 - RM 250

  1. Loan agreement (fees applicable to loan amount)

a) Legal Fee
First RM 150,000 = 1.0% (minimum fees of RM 300)
Next RM 850,000 = 0.7%
Next RM 2,000,000 = 0.6%
Next RM 2,000,000 = 0.5%
Next RM 2,500,000 = 0.4%
Excess RM 7,500,000 = Negotiable (not exceeding 0.4%)

Example of loan amount of RM200,000:
RM 150,000 = 1.0% x RM 150,000 = RM 1,500
RM 50,000 = 0.7% x RM 50,000 = RM 350
Legal Fee = RM 1,850

b) Stamping of Original Loan Agreement
= RM 1,000 (RM 200,000 x 0.5%)

c) Disbursement fees: Title search + Bankruptcy search + Affirmation and etc
~= RM 300 RM 500

d) Others: Miscellaneous + Transportation
~= RM 150 RM 300


(k-ray) #43

wow great info thanks Ann


(tmt) #44

Ya… Thanks for the info…

That’s a lot of money… no wounder some ppl still cant effort to buy a comfortable house. Only able to buy cheap & crap house.


(hAnn) #45

yes most ppl hav no idea abt the legal fees, its reli frustrating after knowing the required amount jus to buy a house, but nowadays competions are in tense, thus seeing alot of extra offers like free s&p (usually from developer) & waived loan legal fees (from assigned bank, which is called zero entry loan packages). but bear in mind zero entries wud not get u a better interest rate.

so be sure to bargain for a free s&p & zero entry loan packages (recommended to be borne by buyer if affordable). or at least save up these money b4 going for the house. as for MOT, it usually takes years to release & fees are only payable upon release (early release may be possible in rare cases)

n fyi all legal fees (fees charged by lawyer firms) are bargainable. :smiley:


(tmt) #46

hAnn… i got one question on bank’s interest rate & woundering you got any idea or suggestion.

My hse loan interest rate currently is BLR + 0.25. So total charge is 5.8%. but i saw my statement & after calculating the charges. I was been charged 8.2%

FYI, I suppose to pay the bank monthly RM525, but I pay 1k. my purpose is to settle the loan ASAP if I got extra money. Do bank charge penalty if pay more than normal??

I had not going to the bank to ask WHY… my loan under RHB bank.
For example. my bal : 26,695.31 but the interest was charge 182.63 per month
If based on 5.8% the interest charge should be 129.03 per month

Bank charge additional so called hidden cost??


(hAnn) #47

wow… that, in my opinion is a big surcharge…

im not sure if extra repayment wud impose such big penalty but if its stipulated in ur loan agreement, u may not make extra repayments.

u may wanna read back the documents.

or jus call up the bank straight away before u pay more to their pockets instead of ur loan.


(Benjovi) #48

tmt,

You should negotiate with RHB to lower your interest rate. A written letter to them is good. Most of the house owners nowadays will get BLR-X%…and not BLR+X%.


(lace) #49

wah tax for housing loan can be runding ka?


(desmond2) #50

Yes, there is but different bank has a different way of customer-based ability approach in favour of the buyer, i suppose. Within 10 km radius the outskirt of Miri city, lands are being used up for housings. The market forecast is based on this to say the least jumper for house price within this year onward. Thus, no Panic,no rush dealing to execute as you’re your own best calculative & popular economic adviser. There are low & high levels to maneuvre/tread,watch our steps!

Purely an honest piece of sharing
Blessing


(headhunter) #51

the price goes up every month…

so better buy whenever you can.


(Perfect Guy) #52

taxes on buying & selling property r high imposed by govt!

have to think abt it clearly 1st b4 u selling or buying property!

wat regard? pls comments!


(CSA) #53

buy also got tax? not sell only?


(wgn_white) #54

House price will never decrease but increasing each year… So, the earliest you buy the better… (If you plan to be in real estate business)


(rabbit75) #55

the tax was called real property gain tax.
for individual u sell ur 1st house tax free
for 2nd house Disposal within 2 years30,Disposal in the 3rd year20,Disposal in the 4th year15,Disposal in the 5th year5,Disposal in the 6th and subsequent years0.

donno whether the 1malaysia impose 5% every house no matter how many year applicable or not.

if still can’t understand see here

http://www.iproperty.com.my/news/255/Re … -Gains-Tax


(rabbit75) #56

how the next generation can afford to buy a house with salary less then 2k? even 2nd single story house are more then 100k. in next ten years cannot imagine what price for a single story terrace already.


(wgn_white) #57

They will open new area…
and the loan scheme will be much more longer to pay back… maybe 50 years when now 25 years… for housing loan…


(GTSW20) #58

now we buy house, they sell us at price of 10 years further down the road. after 10 years, they probably sell 30 years further…


(lace) #59

just buywhenever u can afford as house price aint gonna fall only raise the later u buy the more u pay
in my personal opinion


(headhunter) #60

i don’t think the house is that expensive…

its the land…like prodigy…the fat of the land…

tanah nek tok makin mahal oooo…