Buying a home is a major investment, and homebuyers should expect to pay several ongoing costs once they have purchased their home. Before our PH Expo 2022, we want to highlight some of the more common ongoing costs that homebuyers may face, and provide some insight into how much homebuyers may expect to be paying.
You will be looking at common ongoing costs that buyers may face such as monthly instalments, miscellaneous fees, stamp duty, and stamp for SPA.
For stamp duty, you'll be required to pay 1% for the first RM100,000, 2% on the next RM400,000, and 3% for the subsequent amount.You will also be required to pay a monthly instalment for your mortgage, which will range between 2% and 5% of the property value.
The amount of these instalments will be determined at the time of purchase and will be included in your contract.
Other expenses include:
- Stamp for SPA(Less than RM100)
- Loan agreement fee- 1% for first RM500,000, 0.8% for the next RM500,000 and 0.5% to 0.7% for subsequent amount
- Transfer of ownership title fee - A few hundred
- Government tax on legal agreements - 6% of total lawyer fees
The amount of your monthly maintenance fee will also vary depending on the type of property you've purchased. For example, for bungalows, the maintenance fee will range between RM1,000 and RM1,500 per month, while for semi-detached houses, the maintenance fee will range between RM600 and RM1,000 per month, and RM500 for terrace houses.
The amount of your maintenance fee will also be included in your contract.
The bank will also charge a processing fee for the applied home loan, which will cost about RM50 to RM200. This processing fee is charged by the bank to cover its cost for assessing your application, evaluating your eligibility, underwriting the loan, and issuing the home loan facility.
Now that you are aware of these extra costs, you can now hunt for your new home with a clear head.
Visit https://www.propertyhunter.com.my/expo/ to be in the loop for the latest updates on our Property Hunter Expo 2022.
Don't forget to also pre-register at https://bit.ly/3EaxCUo to join us on this 3-day exciting event!