I believe everyone will so nervous when buy their first house and it will so good if someone can guide them. Today, I going to share with you important steps that you need to follow when purchase a house.
1. Check Your Saving.
Before you go crazy about searching for your new house and home loan, it’s important to understand how much money or saving you have.
Normally, you’ll need about 17% of your purchase price to buy a house.
If you have RM100,000 saving included your KWSP account 2 (for 1st-time house buyer), then you can calculate how much the purchase price to target.
If you have RM100,000 saving to buy a house.
And You know that you need 17% of your purchase price to buy a house.
So, the property purchase price that you should target is
100,000 / 17*100 = RM588,235.00
Just round it up to RM550k to RM600k.
2. Print Your CCRIS Report & Check Your Home Loan Eligibility
Most house buyer always ignored this stage because it’s the least important for them, they figure. But, little that they know by doing this, actually will help them to secure their booking and avoid lots of hassle and headache in future.
CCRIS Report is Free. You can get it print from Bank Negara. Or you can download CTOS apps on your mobile phone and get your CCRIS Report print for FREE or with minimum charges.
Once you have the CCRIS Report, you can approach the bank officers or Online Home Loan Consultant like us to access your eligibility.
We will evaluate what’s the best chances to get your home loan approved based on your eligibility and your eligible loan amount.
From the eligible loan amount, you can also calculate the maximum Purchase Price you should target.
If based on your eligibility, the loan amount that can be approved is RM600,000.
And the bank gives maximum margin is 90%.
Then, the Purchase Price you should target is
RM600,000/90*100 = RM666,666
Just round it up to RM660k.
Even though your eligibility is up to RM660k, but based on your saving you should target RM600k property.
Therefore, you should focus on whichever is a lower price.
In this case, RM600k property price.
3. Buy A New House
Now, you’re ready to buy a house. And before you start to “hunt” for that one perfect house. You’ll need to do a mini checklist. Because this checklist will be your direction to look for that house you want. Anything that out of the list, you should ignore or do not waste your time for viewing.
Basically, this listing should state all the things that non-negotiable. A must have.
Sample: Buying A House Mini Checklist:
1. Prefer house type: I want a condominium. Choose your preference.
2. How many bedrooms and bathrooms you’ll need? Set a minimum target. 3 bedrooms and 2 bathrooms
3. The house must be XX kilometer from my work.
4. Does public transport like MRT, LRT, Public Bus is important to you? Must at least have MRT.
5. What convenience stuff you’re looking?
e.g Must have a primary and secondary school nearby or must have a market or shopping mall, etc…
The list will go on and on. The point is stating the things that are most important to you.
4. Book A House
Once you find that house, make a booking with the seller or property agent.
When booking you are only required to pay a 3% deposit to the property agent, the balance payment will be during the signing of the Sale and Purchase Agreement.
If you’re directly dealing with a seller, it’s important for you to understand the steps. If not, just appoint a lawyer to take care the matters for you.
Before signing of Sale and Purchase Agreement, it’s important to get your loan approval ready.
5. Appoint A Lawyer
You are required to appoint a Sale and Purchase Agreement Lawyer and Bank Loan Agreement Lawyer.
Sale and Purchase Agreement Lawyer will help you in dealing with the Sale and Purchase Agreement matters.
While Bank Loan Agreement Lawyer will help in dealing with bank’s loan matters.
You can always appoint the same lawyers to help in Sale and Purchase Agreement and Loan Agreement matters as long as the Sale and Purchase Agreement lawyer is in the bank’s panel lawyer list.
6. Expedite signing Sale and Purchase Agreement and Bank Loan Agreement
Do not delay in signing your Sale and Purchase Agreement and Bank Loan Agreement because you might get a late payment penalty.
Always make sure everything needed from you had complied.
7. Follow Up With Lawyer and Banker From Time To Time
You’re required to follow up your case with the lawyer and banker. It’s important to know what’s going on with your case. Always ask for any further help you can extend to them to expedite your matters.
The time frame for a bank to disbursement will be varied from one case to another. It’s important to know your completion date. You can ask your lawyer for the completion date.
8. Get Your House Key
Now, you have your house key. Time for renovation and redecorate the house. Make sure you’re not overspending and live within your budget.
Enjoy your new house and new life!
If you think this is helpful, feel free to share it with all your friends and family on all the social media platform.
source: Malaysia Housing Loan