Buying a home requires not only a 10% down payment, but also an additional amount to cover the costs of buying a home.
When buying a home, buyers are required to pay for the sale and purchase agreement solicitor’s fee, loan agreement solicitor’s fee, sale and purchase agreement stamp duty and loan agreement stamp duty. However, some developers will cover some of these fees to attract buyers.
If you are buying a RM300,000 house, then your 10% down payment is RM30,000, the legal fees for the sale and purchase agreement and loan agreement is about RM10,895, and the stamp duty is RM6,350, which adds up to RM47,425. In simple words, when you are ready to buy a RM300,000 house, you have to prepare a sum of RM47,425.
If you are buying a house worth RM400,000, the amount of money you need to prepare in advance is RM61,804.
Currently, the government has launched the i-Milik scheme to help first-time buyers. First-time buyers who purchase a home worth less than RM500,000 can enjoy a 100% exemption from stamp duty. First-time buyers who purchase between RM500,000 and RM1 million will enjoy a 50% reduction in stamp duty.
This reduction is applicable to sale and purchase agreements completed between June 1, 2022 and December 2023. The reduction is also applicable to loan contracts and title transfer documents.
How much money do I need to pay for the down payment, stamp duty and contractual fees for the purchase of a house at a certain price? A list to see (information from hartabumi.com)
