Yes, there are additional costs when it comes to buying a property, not just the down payment ! There is also a need to pay for the legal fees for the Sale and Purchase Agreement (SPA) and loan agreement; the real estate agent’s commission; the stamp duty fees.

Wanting to buy your first property is always an exciting, and slightly nerve-racking, experience! Here are some reasons why:

  • You’ve done your research to find the perfect area surrounded by plenty of amenities (and the neighbors aren’t weird in any way).
  • You’ve prepared a solid budget that maps out your repayments, savings, and miscellaneous expenses.
  • You’ve also selected the right bank that will provide you with a 90% margin of finance with an attractive interest rate.

“Now, what could possibly go wrong,” you think. Well, A LOT, as it seems!

Before you can even take the last step to seal that sweet deal, you discover some additional ‘hidden fees’ you overlooked. Yep, apart from the property's downpayment, there’s also the following:

How Am I Supposed To Know What The Rates Are?

Well, if you wanna make sure the scenario above doesn’t apply to you, you’d better check out the following list of rates we’ve compiled for your reference.

They’ll show you what to expect when it comes to the additional payments you need to make. Hopefully, you won’t be caught off-guard and have to scramble to raise enough funds on time. You’re welcome!

Did you know that there's a Stamp Duty Exemption ?

During the tabling of Malaysia's Budget 2019, it was announced that first-time homebuyers would be able to enjoy a stamp duty exemption on the first RM300,000 of the property price on the instrument of transfer and the loan agreement, executed between 1 January 2019 and 31 December 2020. 

That's a maximum of RM6,500 in savings! The calculation as follows:

  • RM5,000 exemption on the instrument of transfer [(1% x First RM100,000) + (2% x Final RM200,000) = (RM1,000 + RM4,000)]
  • RM1,500 exemption on the loan agreement (0.5% x RM300,000)

So that's a full exemption on stamp duties for properties priced RM300,000 and below! As for properties priced between RM300,001 and RM500,000, you'd be able to enjoy the stamp duty exemption on the first RM300,000 as well!

*credit to source of Property Guru ( MAY 2019 )