Buying a home is a big step and an exciting one too. As a first-time homebuyer in Malaysia, it’s crucial to be informed about the options and resources available to help make your dream a reality.
Learn about government initiatives, affordable housing schemes, and valuable tips on selecting the ideal location and property type that aligns with your lifestyle, budget, and future aspirations. Get ahead of the game and make the most of this comprehensive property buying guide for first-time homebuyers in Malaysia.
What Are the Benefits of Being a First-Time Homebuyer in Malaysia?
As a first-time homebuyer, the My First Home Scheme offers a valuable opportunity for you to purchase your dream home with minimal financial stress. With the scheme, you can apply for a mortgage of up to 110% of the property value with participating banks.
This eliminates the need for a down payment and provides additional funds to cover other home-buying expenses. This initiative by the government helps to make homeownership more accessible and achievable for first-time buyers like you.
Another option for first-time homebuyers in Malaysia is the Bank Negara Malaysia’s (BNM) Affordable Housing Fund, an RM1 billion initiative, that aims to assist low-income groups to own homes. Applicants can apply to participate banks for a maximum purchase price of RM300,000 and can only purchase new residential units offered by a property development company in Malaysia.
In addition to these initiatives, various state governments in Malaysia also offer affordable housing schemes, many of which are specifically reserved for first-time buyers. These include Rumah Selangorku, Rumah Mampu Milik Penang, and Rumah Transit Belia Johor. These schemes can help you to achieve your dream of owning a home and being a part of Malaysia’s communities.
Another exciting opportunity for first-time homebuyers is the Keluarga Malaysia Home Ownership Initiative (i-MILIKI) offers a 100% stamp duty exemption for properties priced at RM500,000 and below, from June 1, 2022, to December 2023. This initiative is a great opportunity for first-time buyers to own a home with significant savings on legal costs.
Overall, as a first-time homebuyer in Malaysia, there are a variety of government initiatives and affordable housing schemes available to help you achieve your goal of owning a home. These initiatives and schemes make homeownership more accessible and achievable for those on a budget and provide opportunities for savings on legal costs.
How to Choose the Right Location and Property Type
When it comes to buying a property, choosing the right location and property type is essential to ensure you’re satisfied with your purchase and it becomes a good investment in the long run.
If you’re on the lookout for a single-story terrace for sale, think about the convenience of the location, proximity to schools, hospitals, transportation, and other amenities that are important to you. If you’re considering purchasing a condominium and looking for condominiums near you, it’s important to do your research on the location and the surrounding area. Make sure you check the safety and security of the area, as well as the community amenities offered, as these can have a significant impact on your overall satisfaction and quality of life.
When looking for a serviced apartment for sale, consider the level of maintenance and services provided, and weigh it against your lifestyle needs. Many serviced apartments provide various amenities such as in-house gym facilities, 24/7 concierge services, and even laundry services that may be necessary depending on your individual needs.
For those interested in a new townhouse project, research the reputation and track record of the developer. And for those looking for a landed house for sale, think about the size of the land, the surrounding area, and the potential for future growth.
Ultimately, the right location and property type will depend on your lifestyle, budget, and long-term goals, so make sure you choose wisely!