10 steps to buying your dream house in Malaysia
1. Understand and draft your budget
With the skyrocketing property prices in Malaysia, one must be really clear about managing budgets and debts. To own a real estate, first thing to take note is your budget. If you are a first time buyer, understandably banks will approve you a loan of 90% for as long as it does not exceed one third of your income. But exceptional cases may occur if you hold good past credit records and the bank may permit the monthly instalment to go up to half of your net income.
There are also other expenditures to take into account such as legal fees, stamp duty and government taxes so do not allocate just an exact amount for the property you are purchasing as you may very well go beyond your budget.