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Buying a home can be one of the most stressful events in one’s life – especially if it is your first time. Where should you start? Can you afford your dream home? What about all the legalities and the hidden costs everyone talks about?Yes, it is a highly stressful time. We understand and are here to help with these 10 most asked questions by our readers and fans. As you scroll through hundreds of property listings, these questions will likely run through your mind.Don’t freak out, read on!10 First Home Buying Questions 1. How would I be eligible for a housing loan?2. Should I refinance my home?3. How do I save up for the down payment?4. How can I get a 100% housing loan?5. How do I value my house?6. Can I get cash from my home?7. Why would the bank reject my housing loan application?8. How do I safeguard myself if the OPR increases?9. Should I get a mortgage life insurance?10. Should I get a basic term home loan or a flexi home loan?1. How would I be eligible for a housing loan?Housing loan eligibility depends heavily on your monthly income and existing loan commitments. These can be personal loans, the dreaded but inseparable credit cards, or other bank loans, including softer ones like ASB.The banks will check your CCRIS report to see all your active loans and payment status. Thus, it is crucial to ensure all your loans and credit cards are up to date. Then, the banks will decide how much you are eligible for and your risk as a borrower.To find out how much you need to pay based on the price of a home, you may use this home loan calculator by iMoney Malaysia.2. Should I refinance my home?Many homeowners do just that to earn extra cash—though it is very normal and you may have friends, relatives, and neighbours doing it, don’t do it for the wrong reason!Here are 3 things you need to know about refinancing your property, according to HSBC Malaysia:You use your property’s rising value to obtain a larger financing amount.Your refinanced loan pays off your current housing loan.You are free to use the balance as you wish.However, only do it if there is a valid reason why you need the money.3. How do I save up for the down payment?This depends entirely on yourself. Down payments usually make up 10% of the asking price, depending on your margin of finance (the total loan amount you are eligible for).Remember, this 10% can be withdrawn from Account 2 of your Employee Provident Fund (EPF)! With EPF’s introduction of Account 3, you can also consider withdrawing from Account 3 to help with any costs incurred during the home buying.4. How can I get a 100% housing loan?If you are unable to save up 10% of the down payment, you can still consider buying a home through various government subsidised schemes, such as:My First Home Scheme or Skim Rumah Pertamaku (SRP) – If your monthly income is RM5,000 and below, you can get 100% financing for a residential property.In Budget 2025, the government also clarified that it is committed to providing more avenues for first-time house buyers through further initiatives and programmes.However, it’s also important to note that you can pay the down payment using money from your EPF Account 2, which allows for withdrawal for homebuying purposes.For this reason, it is imperative that you do your own research and find the best home loan rates in Malaysia.5. How do I value my house?For sub-sale (a pre-owned home), you need to do a house valuation to determine the property's market value.Former owners may set a price according to the market, but it is always good to have second, third, or as many opinions as possible. (Careful, though; too many will confuse you, so stick to reliable sources.) You can also check the classified sections on online and offline media or talk to a few property agents to get an idea.Banks usually do valuations to gauge the loan amount to offer, but you can also do them yourself to determine if the selling price is according to the market value. However, only get the valuation done by an accredited agency for better accuracy. Keep in mind that sometimes, your valuation price may not be accurate at all.6. Can I get cash from my home?Your home is your asset, and its value will likely go up. However, how good is the home if you can’t get cash out of it when needed?Be it for your child’s college education or to purchase your second property, consider these few ways to free up your home equity or refinance your home.7. Why would the bank reject my housing loan application?There are various factors banks look into when approving a housing loan application. The factors range from the property’s location, borrower’s income, lack of a credit facilities record (it pays to have a credit card that you pay punctually), bad CCRIS reports, or the debt service ratio (DSR) may be over the maximum limit. Therefore, it is essential to keep a clear record by making your existing loan payments on time.8. How do I safeguard myself if the OPR increases?Most property loans available in Malaysia are based on the Overnight Policy Rate (OPR), which is currently set at 3%. You can read more about OPR and how it affects your loan.To safeguard oneself from the volatility of OPR, one can consider a fixed rate home loan.9. Should I get a mortgage life insurance?As the household's primary breadwinner, buying a home for your dependents is just half of the battle. You must ensure that your loved ones are protected as well, in the event you can no longer pay the mortgage of your house.This is where mortgage life insurance comes into the picture. You can either get a Mortgage Reducing Term Assurance (MRTA) or a Mortgage Level Term Assurance (MLTA) to safeguard your home in the event of death or total permanent disability (TPD). Find out which one suits your needs in our MRTA versus MLTA comparison.10. Should I get a basic term home loan or a flexi home loan?The difference between a conventional home loan and a flexi one lies in how much you can pay monthly. Going for a basic term loan makes more sense if you are a fixed salary worker, as you pay a set monthly amount for the entire tenure. The drawback is that you won’t be able to save on interest charges if you decide to pay a lump sum or more every month.Unlike flexi loan, you can make an advance payment to lower your loan interest and withdraw the additional costs you’ve made whenever you like, without complicated procedures. However, usually flexi loans come with a fixed monthly fee (usually RM10 per month) to maintain the current account.Compare the basic term, semi-flexi, and full-flexi home loans to determine the type of loan that is suitable for your income.As a first-time home buyer, you will have many questions about buying your first home, but these 10 are likely to pop into your head first. With these answered, you should have more confidence in getting your first home.This article is a joint effort by iMoney, a leading provider of mortgage loan solutions, and IQI Global.Interested in purchasing your very first dream home? Here at IQI, we provide services in purchasing the perfect home, with the right budget. Please leave your details below, and our professional team will assist you. [hubspot portal="5699703" id="85ebae59-f425-419b-a59d-3531ad1df948" type="form"]Continue ReadingB40 and M40: 5 Government Housing Schemes Available For YouNeed Some Tips for Buying A Home in Your 20’s? Learn From These First Home Buyers’ Experiences!15 Things First-Time Homebuyers Wish They Knew Before Buying Their First House

Are you ready to embark on the exciting journey of buying property? Whether you're a first-time homebuyer, looking to upgrade, or considering real estate investment, this comprehensive guide is here to help you navigate the process with confidence. Get ready to celebrate as you unlock the doors to your new home. Let's dive into the world of buying property!Table of contents1. Understanding Your Needs: Perfect Property Identification2. Researching the Property Market: Essential Information Gathering3. Financing Options: Right Mortgage Securing4. Hiring a Real Estate Agent: Trusted Buying Guide5. Property Inspections: Unveiling Hidden Surprises6. Making an Offer: Purchase Negotiating7. Completing Legal Process: Contracts and Documentation8. Closing the Deal: Ownership Transfer9. Moving In Settling into Your New Property10. Maintaining and Upgrading: Property CareFAQs:1. Understanding Your Needs: Perfect Property IdentificationBefore embarking on your property-buying journey, it's crucial to determine your needs and preferences. Consider the following subtopics to help you identify the perfect property:a) LocationThe location of your property plays a vital role in your overall satisfaction and convenience. Think about factors such as proximity to schools, workplaces, transportation, shopping centers, and other facilities that are important to you.b) SizeEvaluate the size of the property based on your current and future needs. Consider the number of bedrooms, bathrooms, living spaces, and any specific requirements you may have.c) AmenitiesThink about the amenities that are essential to your lifestyle. This may include features like a backyard, a swimming pool, a garage, or a home office.d) Proximity to Schools, Workplaces, and FacilitiesConsider the proximity of the property to schools, colleges, workplaces, healthcare facilities, recreational areas, and other amenities that are important to you and your family.2. Researching the Property Market: Essential Information GatheringThorough market research is key to making informed decisions when buying property. Explore the following subtopics to gather essential information:I. Exploring the Local Real Estate MarketGet familiar with the local real estate market by studying property listings, sales trends, and market reports. Understand the average property prices and the availability of properties in the area of your choice.II. Analyzing Recent Sales DataAnalyze recent sales data to identify the property value trends in your target area. Look at the prices of recently sold properties and compare them to the initial listing prices.III. Future Property Value TrendsConsider the future property value trends in the area. Look for signs of growth and development, such as upcoming infrastructure projects, new businesses, or planned community improvements.3. Financing Options: Right Mortgage SecuringUnderstanding your financing options is crucial for successfully buying property. Explore the following subtopics related to financing:i. Evaluating Financial SituationEvaluate your financial situation, including your credit score, savings, and income stability. This assessment will help you determine how much you can afford to spend on a property and what type of mortgage you may qualify for.ii. Credit Score and SavingsCheck your credit score and work towards improving it if necessary. Additionally, consider the amount of savings you have available for a down payment and other associated costs.iii. Income StabilityEnsure that your income is stable and sufficient to support mortgage payments and other ongoing expenses related to owning a property.iv. Debt Service Ratio (DSR)Apart from that, the bank will also look at your Debt Service Ratio (DSR) score to find out your loan eligibility for a housing loan. So, the better your credit score, the higher your chances are of getting your loan approved by the bank.v. Researching Mortgage OptionsResearch different mortgage options and consult with lenders to find the most suitable loan program for your needs. Consider factors such as interest rates, repayment terms, down payment requirements, and eligibility criteria.4. Hiring a Real Estate Agent: Trusted Buying GuideA knowledgeable and experienced real estate agent can be an invaluable asset when buying property. Consider the following subtopics when hiring an agent:a. Specialization in the Local MarketLook for a real estate agent who specializes in the local market. They will have in-depth knowledge of the area, including property values, market trends, and available listings.b. Track Record and ExperienceConsider the track record and experience of the real estate agent. Look for references, client testimonials, and successful transactions they have facilitated in the past.c. Understanding Specific RequirementsEnsure that the agent understands your specific requirements and preferences. Effective communication and a shared understanding will help them find properties that align with your needs.5. Property Inspections: Unveiling Hidden SurprisesConducting thorough property inspections is essential to ensure you're making an informed purchase. Consider the following subtopics related to property inspections:1) Hiring Professional InspectorsEngage the services of professional property inspectors who specialize in assessing different aspects of a property's condition. They will identify potential issues that may not be immediately visible to an untrained eye.2) Assessing Structural IntegrityInspect the property's structural integrity, including the foundation, walls, roof, and overall construction quality. Look for signs of structural damage or concerns that may require expensive repairs in the future.3) Evaluating Electrical SystemsEnsure that the electrical systems in the property are up to code and functioning properly. Check the wiring, outlets, circuit breakers, and the overall electrical panel.4) Checking Plumbing and Potential Pest IssuesInspect the plumbing system for leaks, drainage issues, and water pressure problems. Additionally, be aware of any potential pest issues, such as termites or rodents, which can cause significant damage to the property.6. Making an Offer: Purchase NegotiatingOnce you've found the property you desire, it's time to make an offer. Consider the following subtopics when negotiating the purchase:i) Determining a Competitive Offer PriceWork with your real estate agent to determine a competitive and reasonable offer price based on market conditions, comparable properties, and the condition of the property.ii) Market Conditions and Property ValueConsider the current market conditions and recent sales data to assess the property's value. This information will help you determine an appropriate offer price.iii) Counteroffers and ContingenciesBe prepared for counteroffers from the seller and consider contingencies to protect your interests, such as a home inspection contingency or a financing contingency.7. Completing Legal Process: Contracts and DocumentationAfter reaching an agreement with the seller, the legal process begins. Engage the services of a qualified real estate attorney who will handle the necessary contracts and documentation. They will ensure that the transaction adheres to legal requirements, protect your interests, and address any potential issues that may arise during the closing process.8. Closing the Deal: Ownership TransferThe closing process is the final stage of buying property. It involves reviewing and signing the necessary documents, transferring funds, and officially transferring ownership from the seller to the buyer. It's essential to carefully review all documents, including the settlement statement, and ask questions if anything is unclear. Once the closing is complete, you'll receive the keys to your new property.9. Moving In Settling into Your New PropertyCongratulations! You're now a proud property owner. Moving into your new home involves coordinating logistics, packing, and unpacking your belongings. Create a moving checklist, notify relevant parties of your address change, and consider hiring professional movers or enlisting the help of family and friends. Take time to familiarize yourself with your new surroundings and enjoy the process of making the space truly yours.10. Maintaining and Upgrading: Property CareOwning a property requires ongoing maintenance and occasional upgrades. Regularly inspect your home, address any repair needs promptly, and prioritize essential maintenance tasks.Consider investing in energy-efficient upgrades, remodelling projects, or adding value through landscaping. Taking care of your property will help preserve its value and create a comfortable living environment for years to come.In conclusion, buying property is an exciting journey that requires careful consideration and planning. By following the steps outlined in this guide, you'll be well-prepared to navigate the process successfully.Remember to seek professional advice, stay informed, and enjoy the process of finding and owning your dream property. FAQs:Can a foreigner buy a property in Malaysia?Foreigners can own various types of property in Malaysia, including residential properties (both landed and high-rise), commercial properties, and land. However, there are restrictions on agricultural land and certain types of properties.What is the minimum price for foreigners to buy property in Malaysia?The minimum property price for foreigners varies depending on the state. For example, in Kuala Lumpur, the minimum purchase price for foreign buyers is typically RM1 million.What is Real Property Gains Tax (RPGT)?This tax is imposed on the profit made from selling chargeable assets such as residential propertie, commercial buildings, farms, and vacant land. The rate of RPGT depends on the holding period.What hidden costs should you factor in when buying a house in Malaysia?Many buyers overlook the extra costs associated with purchasing a property in Malaysia, beyond the initial 10% down payment. Budgeting an additional 10% of the property purchase price is advisable to cover expenses like legal fees, stamp duties, Sale and Purchase Agreement (SPA) fees, and property valuation fees.Do you need expert assistance on real estate investment? Fill out the form below to learn how to get the most out of your investment![hubspot type=form portal=5699703 id=c063034a-f66d-41ab-881b-6e6a3f275c33]

We all have our own visions of the perfect home, but the realities of the process can sometimes catch us off guard.If only there was a way to tap into the collective wisdom of those who have been there before...Well, now you can!We've scoured the internet to bring you real insights from first-time homebuyers who have shared the 15 things they wish they knew, so that you don't make the same mistakes.15 tips to learn from other first homebuyers Be ready to spend more Pinpoint your priorities For landed homeowners, check your lawn! You'll gain an extra skill Location is number one! Be very, very sure about your future home If fixing-upping isn't your thing... Factor in more time than you anticipated Your budget is everything Have backup funds at hand Take care of your house! Water can be a running issue No time? Leave it to the pros A home is an investment, through and through At the end of the day...1. Be ready to spend moreCommentby u/TanLimes from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersBe sure to factor in the time and money you'll be investing.Because at the end of the day, we all know you'll have even less of it than you think. 2. Pinpoint your prioritiesCommentby u/OrangeCosmos from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersAs they say, Rome wasn't built in a day.Take your time, and know your priorities. 3. For landed homeowners, check your lawn!Commentby u/WashuWaifu from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersThe grass is greener on the other side...? No, it's green where you water it. 4. You'll gain an extra skillCommentby u/IHate2ChooseUserName from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersBuilding a house is not for the weak.But you'll gain a home out of it. And some pretty darn good building skills. 5. Location is number one!Commentby u/Cocopanda14 from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersThat's why they say: Location, location, location.If there's one thing you shouldn't compromise on, it's this. 6. Be very, very sure about your future homeCommentby u/UrBigBro from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersA single home viewing can only show you so much. Your home will most likely be a place where you'll be staying your whole life. Take some time to see the location at various times. Be prepared for anything that may lie your way! 7. If fixing-upping isn't your thing...Commentby u/velvet_milkman__ from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersLooking for something easy? Skip the hassle - just get a brand new home. 8. Factor in more time than you anticipatedCommentby u/johnny_soup1 from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersHelps you build resilience. 9. Your budget is everythingBuying a home is like choosing a pizza topping – go for what you love, but make sure you can afford the extra cheese!— Vinay ? (@vinaywashere) August 9, 2023A lot of unexpected costs can surface. Make sure you're ready to commit to it! 10. Have backup funds at handPrioritize an emergency fund over vacations, meals out, entertainment, new car, etc. Unexpected repairs will come up at the worst time.— Prajna Shorts ????? (@prajna541) August 10, 2023Becoming a homeowner may mean you have to leave some expenses behind. Whatever the situation, just ensure you have some emergency cash for those unexpected repairs! 11. Take care of your house!Commentby u/MGallows13 from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersMaintenance is not something you should postpone! 12. Water can be a running issueCommentby u/notsumidiot2 from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersIt may seem like a minor thing at first, but eventually you'll find out why it's important. 13. No time? Leave it to the prosCommentby u/sirguynate from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersWhat you don't pay in money, you pay in time. 14. A home is an investment, through and throughCommentby u/adambulb from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersYour home is your security. Just like any other investment you'll make, it won't be perfect.But you have a home under your name, and that's an amazing feat that should be celebrated! 15. At the end of the day...Commentby from discussion What’s something you’ve learned after becoming a first time homeowner?in homeownersOf course in the end, everyone has a lot to say. But what matters most is you have a roof over your head to call home.Looking to buy your first home? Consult with our professionals who will help you from A to Z! Leave your details below and we will get in touch with you as soon as possible.[hubspot type=form portal=5699703 id=2380afe3-ad4c-4cfa-9abf-d3947e377bf2]