What are the things I should know when buying a house in Malaysia?
Buying a house is the single
biggest purchase you will make in your life
Buying a house is an exciting even. It will probably be the biggest purchase you will ever make in your life. Understanding the steps involved in securing a housing loan will help you save time and avoid uncertainty and anxiety.
This Knowledge Base category will give you an insight into the various issues on financing a house and outlines the major steps in the overall process of financing a house. It will guide you through the basics, explain the technical terms and gives you invaluable tips on financing a house.
Buying well means lots of
planning, research and patience
Buying a house is a major step, so it deserves careful thought and planning.
If you are buying a property under construction, you should check the background of the developer. You should ensure that the developer:
- Has a valid licence issued by the Ministry of Housing and Local Government 1which is still in force (not expired)
- Has a valid advertising and selling permit issued by respective local authority which is still in force.
You have the right to enquire from the developer, information on licence and permit. You can also refer to the Ministry of Housing and Local Government for further clarification. A developer with a good track record reduces the risk of the project being abandoned.
- Official website of the Ministry of Housing and Local Government
Reprinted with permission from BankingInfo (A Consumer Education Programme)
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