The cost of buying and owning a property in Malaysia

The property market in Malaysia has gained quite a lot of interest, especially over the past 3 years when the mortgage loan interest dipped to historical low.

If you were to buy a property for own stay or for investment, you should be well prepared for the cost involved.

The typical cost consists of:

A. One time cost

1. The booking fee, down payment and subsequent unfinanced payment of the property (normally about 10%-20% of the property price)

2. Lawyer fee for Sales and Purchase Agreement (calculated based on the property price):

• First RM150k = 1% (or minimum RM300, whichever higher)
• Subsequent up to RM1 million = 0.7%
• Subsequent up to RM3 million = 0.6%
• Subsequent up to RM5 million = 0.5%
• Subsequent up to RM7.5 million = 0.4%
• Above RM7.5 million = negotiable

3. Miscellaneous fee for preparation of Sales and Purchase Agreement = at least a few hundreds

4. 6% government tax on total lawyer fee for Sales and Purchase Agreement

5. Stamp Duty of Sales and Purchase Agreement (calculated based on the property price):

• First RM100k = 1%
• Subsequent up to RM500k = 2%
• Subsequently onwards = 3%

6. Lawyer fee for Loan Facility Agreement (calculated based on mortgaged amount):

• First RM150k = 1% (or minimum RM300, whichever higher)
• Subsequent up to RM1 million = 0.7%
• Subsequent up to RM3 million = 0.6%
• Subsequent up to RM5 million = 0.5%
• Subsequent up to RM7.5 million = 0.4%
• Above RM7.5 million = negotiable

7. Stamp Duty of Loan Facility Agreement (calculated based on mortgaged amount) = 0.5%

8. Miscellaneous fee for preparation of Loan Facility Agreement = at least a few hundreds

9. 6% government tax on total lawyer fee for Loan Facility Agreement

10. Land/Strata Ownership Title Transfer = at least a few hundreds + 6% government tax on legal fee

11. Stamp Duty of Land/Strata Ownership Title Transfer (calculated based on the property price):

• First RM100k = RM1 for every RM100 or fractional part of RM100
• Subsequent up to RM500k = RM2 for every RM100 or fractional part of RM100
• Above RM500k = RM3 for every RM100 or fractional part of RM100

12. Consent to Charge (for leasehold property) = at least a few hundreds + 6% government tax on legal fee

13. Mortgage Reducing Term Assurance (MRTA, optional) = a few thousands

14. Deposit for water and electricity = at least a few hundreds

15. Deposit for telephone, Internet service, satellite/cable TV (optional) = at least a few hundreds

16. Renovation and moving cost = depends on you, easily more than RM10k

B. Recurring cost

1. Quit rent (yearly) = around RM50

2. Assessment tax (yearly) = a few hundreds

3. Fire insurance (yearly) = a few hundreds

4. Mortgage Level Term Assurance (MLTA, yearly, optional) = a few thousands

5. Housing loan repayment (monthly) = at least a few hundreds

6. Severage treatment fee (half yearly) = RM48

7. Water, electricity, telephone, Internet, satellite/cable TV, etc. = depends on usage

8. Cooking gas = depends on usage

9. Security fee (for gated & guarded community or apartment/condominium) = depends

10. Maintenance fee and sinking fund (for apartment/condominium) = depends

11. Car park rental (optional for certain apartment/condominium) = depends

12. Pest and termite control service (yearly, optional) = at least a few hundreds

You might probably be interested to also read about:

• The cost of selling a property in Malaysia

Case-Mate Tough case for HTC Incredible S

Recently, I managed to get a Case-Mate Tough case for my HTC Incredible S Android smartphone at a bargain price (almost the same price with my Case-Mate Barely There case).

The Case-Mate Tough case is a 2-in-1 case that provides double-layer protection to the phone, and officially claimed to be able to withstand sudden drops and accidental falls.

The inner layer is a soft rubber-like feeling silicone skin, covering up the phone (including the buttons) to provide the impact protection, and the outer layer is a hard polycarbonate shell, which is the same material with Case-Mate Barely There case, providing additional protection, as well as gripping the inner layer firmly to the phone.

The front:

and the back:

Pros:

• You can immediately feel that the protection to the phone is great.
• Access to the phone's power button is much better than Case-Mate Barely There case.

Cons:

• It makes your phone become bulky.
• It also makes your phone heavier.
• More troublesome to wear and remove, as it consists of 2 layers.

Malaysia Tesco Clubcard members, download your limited time RM10 saving voucher here

Tesco Stores Malaysia is giving away RM10 saving voucher to their Clubcard members, which you can download from their website and print out to use.

This voucher is only valid for purchase in Tesco above RM100, during the period of 18-20 November 2011.

Terms and conditions:

1. Limit to 1 coupon per transaction per day.
2. Vouchers or coupons are not exchangeable for cash.
3. Vouchers or coupons are not valid for purchases of: a. Tesco Gift Voucher; b. Tobacco Products; c. E-Pay Credit Coupons / Pre-paid Top Up
4. Vouchers or coupons are not valid for purchases made at Mall Tenants and Food Court.
5. Spend and Save Vouchers cannot be used to combine with ANY Clubcard Vouchers or Cash Vouchers.
6. If the value of the goods purchased falls short of the amount indicated, no cash refund will be given.

Download your Tesco RM10 Spend and Save Voucher here!