What are the fees and charges incurred in buying a house and getting a housing loan? What are the hidden costs of buying a house?
There are also related costs such as professional fees and government charges that you would have to pay.
Below are some of the common fees and charges you would expect to incur:
- Sale and Purchase Agreement
1.0% for the 1st RM100,000
0.5% for the next RM400,000
- Loan Agreement
0.5% of the loan amount or RM5 per RM1,000
- Transfer of Title (for completed properties only)
1% for the first RM100,000
2% for the next RM400,000
Include fees for registration of charge, land search and bankruptcy search.
These fees vary by state, land office and type of property. For instance, in Selangor and Wilayah Persekutuan, the fees could range from RM300 to RM700.
One time fee charged by the financial institution for loan processing.
- RM50 for loan up to RM30,000
- RM100 for loan from RM30,001 to RM100,000
- RM200 for loan above RM100,000
Please note that the type of charges and the amount charged might change in the future.
You should meet with your financial institution's loan officer for further advice and discussion regarding any questions that you may have concerning the type of fees and legal services.
Reprinted with permission from BankingInfo (A Consumer Education Programme)
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