Friday, March 14, 2014
Owning a HOUSE.
Why? :) You need a place to see your kids grow. You need to spend more precious time with your husband before your kids come into your life. Selagi ada :) Cook in your own kitchen, messing with your own cooking stuff. Nice kan? Seriously, you need to build your own life. In you own house. Decorating here. Painting there. Buying new furnitures. wee wee.
Wow ini baru intro. Hahaha.
The question is..How much did you need to spend just to start the journey of buying house? I used to think that buying a house is just about paying a DEPOSIT of 10% out of the total price and thats it. But NO baby. I don't know about the Sales & Purchase (S&P) legal fees and stamp duty, bank legal, etc etc.
Let's have a brief look of the amount that you need to have in your pocket before buying a house.
Say that your house price is RM100k.
Please be informed that this steps is for SUBSALE (buying a house from an existing owner, not a developer) :))))
First, check your bank account. He he.oppa oppa.
1) Pay for your house deposit : 10% out of RM100k = RM10k (3% to agent on behalf of owner and 7% directly to owner)
2) S&P legal fees/stamp duty= 2-3% out of the house price ~ RM3k (depends on your house price)
3) Apply for the Bank Loan (you can choose either Conventional or Islamic)
- there's no big difference between this 2 types of banking. You need to find and compare the bank
that offer the most reasonable BLR (Base lending rate)
- For example : Current BLR : 6.6% (Based on current year)
BLR offered by bank : (- 2.4%)
Actual interest for your home loan : 6.6 - 2.4= 4.2% out of RM100k
4) There are few documents that you need to submit in order to apply for the loan. Once submitted, wait for your loan approval which take around 2 weeks time.
- At the same time your S&P lawyer will proceed with your S&P agreement and will call you up
for the signing of the documents.
- Make sure to check the details (name, ic, property address) and the terms inside the S&P since it
includes the penalty charges for late disbursement etc.
5) Loan approved & bank offer letter will be issued. Once it is executed the bank lawyer will prepare all the documents. For the legal fees you can either absorb the cost in the bank loan and pay monthly according to your loan tenure or you can pay the legal fees separately. Sign the bank agreement once its ready.
6) Upon signing the bank lawyer will liaise with your S&P lawyer to prepare other essential document (transfer of ownership, etc)
7) After that just wait for your bank to disburse the money to either the existing owner's bank or to the person himself (depends on the his loan balance)
8) Jeng jeng. Wait for the complete documents to be send to you and of course, the key!
P/S : I haven't receive the complete documents nor the key after 2 months! Hahahahahah!
OK. That's it for now. Hopefully it helps! hehe.