Hello World! Welcome Friends! Condominiums tick all the right boxes if you want to live the big city life in Malaysia. It’s a good investment for first time homeowners who want to invest their hard-earned money. Plus, it’s a good training ground for testing the waters of owning your very own property. What’s great about a condo in Victoria Heights is the accessible location too, where you’re smack dab in the middle of all the action in Georgetown, Penang. You also have access to convenient facilities such as a gym, sports facility, pool, security, among other perks. So if you’re now interested in purchasing your very own condo home, here are some things you need to know as a first time buyer:
Home Loans in Malaysia
If you’re looking for financing options right here in Malaysia, there are several options to choose from, such as a basic term loan vs semi-flexi loan vs full-flexi loan. The first offers a fixed repayment schedule but only offers limited flexibility for additional payments. The second option allows for additional payments so you can reduce the principal amount and interest rate. The last option allows for maximum flexibility in terms of payment terms, making additional payments, and monthly maintenance fee. You can find out more about home loan interest rates right here.
Mortgage Life Insurance in Malaysia
It’s a requirement in Malaysia for homeowners to obtain a mortgage life insurance since this protects the investment against unforeseen circumstances such as a death or a permanent disability. You can apply for either a mortgage reducing term assurance (MRTA) or a mortgage level term assurance (MLTA). The former is usually made a requirement by most loan providers and the only downside is that it is a no refund policy, which means that the payout covers the remaining loan. On the other hand, the MLTA costs higher premiums but offers a refund on the payout if the loan amount exceeds it, or the excess could go to the beneficiaries.
Property Taxes in Malaysia
In Malaysia, you will be liable for several property taxes which include the following:
- Assessment Tax – also known as cukai pintu, this is collected twice a year by the local council and this is used to maintain the look and cleanliness of the region. This is based on the amount of the annual rental value of the property and the tax is somewhere between 4% to 8%.
- Real Property Gains Tax – this tax is payable upon the sale of the property, which is dependent on the number of years that the property is owned.
Finally. . .
It’s really an exciting time for you as a new homeowner right now. You have the chance to customise and transform your new condo into the dream home that offers comfort and cosiness. You also have a great opportunity to explore the great urban landscape that Penang has to offer and experience the full Malaysian treatment in luxury and lifestyle. It’s the absolute dream to own a beautiful condo in a beautiful location like Victoria Heights, so what are you waiting for?
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Click the links below for any posts you have missed:
From Bare Bones to Beautiful: Your Guide to an Inviting and Functional Basement
Common Types of Gate Damage and How a Gate Repair Company Can Fix Them
Where to Buy a Good Gun Safe: A Comprehensive Guide for First-Time Buyers
Top Mistakes First-Time Home Buyers Make and How to Avoid Them
Effective Strategies for Successful Real Estate Ventures
Floor vs. Wall Mirrors: Choosing the Best Option for Each Room in Your Home
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