Malaysia My Second Home ( MM2H) Kuala Lumpur
June 8, 2024 / 0 comments / 3691 views / Tags: Article, Lifestyle, Malaysia my second home, property, property agent / Category: Article and lifestyle
Malaysia My Second Home
Malaysia my second home the Social Visit Pass is initially for a period of Ten years and is renewable.
A country situated in the heart of South East Asia, reflects the very essence of Asia, a bubbling, bustling melting pot of races and religions, where various ethnic groups live together in peace and harmony.
The rapid economic growth of Malaysia has resulted in substantial investment towards infrastructure and the continuous upgrading of facilities to world-class standards.
Geography
The total area of Malaysia is approximately 330,000 square kilometer, with most of it located on the island of Borneo. Peninsular (west ) Malaysia only comprises approximately 40% of the total area.
Malaysia is not located within the Pacific Ring of Fire Zone, making it free from major natural disasters such as volcanoes, tsunami, typhoons and earthquakes.
Weather
The country enjoys a tropical climate, with weather that is pleasant, warm and balmy with moderate rain throughout the year. There are also highland residential areas and resorts with permanent spring-like weather throughout the year, which temperatures are between 15″c (59″F) to 25″c (77″F).
Malaysian People
Malaysia is a multi-racial country consisting of Malays, Chinese, Indians and numerous indigenous people. Having lived together for generations, all these cultures have influenced each other creating a truly Malaysia culture.
Malaysian Culture essay – A land of charming Diversity
Malaysia is a mosaic of cultures, owing to its colorful historical past and being part of the international spice route many hundreds of years ago. The amalgamated culture is a colorful heritage that is still a large part of daily life practices, despite urbanization of the cities.
Language
Multiple language for communicate in Malaysia included English , Chinese , Malay and Tamil .
Recreation & Entertainment
Recreation and entertainment facilities are abundant in Malaysia, owing to the year – round pleasant weather and natural wonders of its tropical environment , theme parks, jungle trails, world – class cinemas, performing arts theaters and art galleries, sports facilities, water sports and golf .
Food and Fruits in Malaysia
Malaysia food is a varied culinary spectrum originating from Malaysia’s multi-ethnic population. Indulge in gourmet cuisine created by amazing chefs in designed restaurants, or sample an endless amount of treats found at malls, store- fronts, street-side hawker stalls or the 24-hour local ‘mamak’ restaurants; which are run by Muslim-Indians.
Shopping – experience the indoor and outdoor shopping.
There is a number of luxury shopping malls, as well as the local street-side stalls and stores where everything is designed for shopper convenience; contain banks, foreign currency exchange counters, supermarket, restaurants, entertainment center’s and hundred of shops offering a tremendous range of goods.
Shoppers can visit one of the many weekly flea markets and night markets – ” Pasar Malam” .
High Speed Rail
High Speed Rail expected to be completed in year 2026, with the ripple effect of the project, development in Malaysia looks set to surge, as the newly-accessible prime estate along the tracks hosting transit stations.
Malaysia KLCC Kuala Lumpur
Educations
Foreign Universities Branch-Campus
- Xiamen University Malaysia Campus
- Monash University Malaysia
- The University of Nottingham Malaysia Campus
- De Montfort University
- Heriot-watt University Malaysia
- Manipal International University
Local University Branch Campus
- Taylor’s University College
- Sunway University College
- Inti International University College
- Limkokwing University of Creative Technology
- University College Sedaya International
International School
- Alice Smith School
- Australian International School
- French School
- Say folk International school
- International School of Kuala Lumpur
Malaysia my second home – Eligibility
Option for the MM2H program is open to all countries recognized by Malaysia with requirements include a minimum monthly income, minimum liquid assets, a fixed deposit, plus various other rules. The exclusion of foreign spouses of Malaysian citizens was removed in February 2009 and they are now allowed to apply for the MM2H visa.
Home Loan & Finances
June 8, 2024 / 0 comments / 11623 views / Tags: Article, Lifestyle, property, property agent, Real estate / Category: Article and lifestyle
Home Loan
Respective Home Loan Package
Home loan playing an important portion on buying a house , there are many types of loans in the market that you can take to pay for the property you intend to buy. Take a look at the four most common home loan packages in Malaysia.
Term Loan
This is the most conventional of all the loans. You pay interest and principal throughout the tenure. In term loan has a maximum tenure of 35 years or age 70, whichever comes first. If you would like to pay more to finish the loan earlier, you will need to inform the bank before hand in order to reduce the principal otherwise the extra payment will go towards prepayment for the following months.
Overdraft
Overdraft, the borrowers only pay interest portion without having to pay the principal. How much interest you are charge will depend on how much you have utilise the overdraft facility. Overdraft is good for businesses because any surplus funds at anytime can be deposited into the overdraft account, therefore reducing the overdraft balances and consequently, the interest charge, which is calculate on daily rest.
Flexi Loan
Flexi loan is a hybrid between a term loan and overdraft, beside of monthly instalment the borrowers can do any additional repayment at any time. The additional repayment will go towards reducing the interest charge on the flexi-loan facility as the principal owing to the bank has been reduces. extra charge may incur when you pay more towards reducing the principal.
Islamic Loan
Islamic loan uses the Murabahah concept under syariah principle banks will buy the property from the borrower and then rent it back to them. The bank will determine the profit rate in advance after considering the tenure duration , the fixed or floating interest rate are available but the interest on the floating rate is lower than the fixe rate.
Next: MRTA
OPR Interest Rate By Bank Negara Malaysia
July 10, 2023 / 0 comments / 1033 views / Tags: Article, bank negara malaysia, Lifestyle, OPR rate, property, property agent / Category: Article and lifestyle
Overnight Policy Rate
Bank Negara Malaysia (BNM) cut its overnight policy rate (OPR) by 25 basis points (bps) to a record low of 1.75% .
- Including latest Overnight Policy Rate cut, BNM has slashed the OPR four times so far this year for a cumulative 125bps reduction
- Jan 22, 2020, BNM cut the OPR by 25 bps to 2.75% followed by another 25bps reducing on March 3 to 2.5%.
- On May 5, BNM slashed the OPR by 50 bps to 2.00 and now with the latest low cut rate of 1.75%.
The Impact of covid -19
Due to the impact of COVID-19 on the global economy is severe. Global economy conditions remain weak with global growth to be negative for the year.
Broad-based weakness in labor markets and precautionary behavior by households and businesses could affect the recovery going forward and the pace and strength of the recovery, however, remain subject to downside risks emanating from both domestic and global factors.
Several major economies have begun relaxing measures to contain the COVID-19 pandemic, leading to the gradual resumption of economy activity.
OPR provides additional policy stimulus to accelerate the pace of economy recovery. The MPC (Monetary Policy Committee) will continue to assess evolving conditions and their implications on the overall outlook for inflation and domestic growth.
Selangor state government Welfare Malaysia
November 8, 2022 / 0 comments / 1812 views / Tags: Article, Lifestyle, Malaysia, Selangor citizen welfare / Category: Article and lifestyle
Selangor state government welfare
Did you know the benefits giving by The Selangor State Government Malaysia SSIPR to ALL it’s citizens. ( T&C apply) .
SSIPR Selangor
- New born baby Rm1,500
- Golden Age friendly scheme Rm100 monthly
- Preschool Rm50 monthly
- Free tuition classes
- Rm1,000 when you enter College / University
- Funeral expenses Rm2,500
- KISS RM200 monthly Basic Necessity for B40 mothers group
- Bus Smart Selangor
- Benefit Program up to RM350
- Free Mammogram checkup
- Up to Rm500 yearly Medical expenses
- 0% interest Business loan up to Rm30,000
- Free internet access – WIFI Smart
雪兰莪州政府给予所有公民的福利.（条款和条件适用） 新生婴儿 Rm1,500 黄金时代友善计划每月 Rm100 学前班每月 RM50 免费补习班 当你进入学院/大学时 RM1,000 丧葬费 Rm2,500 KISS 每月 RM200 , B40 妈妈组基本必需品 免费巴士 高达 RM350 的福利计划 免费乳房 X 光检查 每年高达RM500的医疗费用 0% 利息商业贷款高达 Rm30,000 免费上网 - WIFI 智能
KISS – kasih Ibu Smart Selangor
To appreciate the great sacrifice of mothers, the Selangor State Government introduced a special welfare program among low-income groups B40.
为了感谢母亲们的巨大牺牲，雪兰莪州政府推出了一项针对低收入群体 B40 的特殊福利计划.
Bus Smart Selangor
The Selangor State Government has provided free bus services to to 3 Selangor Authorities namely Shah Alam City Council (MBSA) , Subang Jaya Municipal Council (MPSJ) and Klang Municipal Council (MPK).
雪兰莪州政府已向 3 个雪兰莪州政府提供免费巴士服务，即莎阿南市议会 (MBSA)、梳邦再也市议会 (MPSJ) 和巴生市议会 (MPK).
Benefit Program
Provision of temporary assistance given to eligible Selangor citizens up to RM350 per month to obtain basic needs in case of unavoidable life problem.
每月向符合条件的雪兰莪州公民提供高达 350 令吉的临时援助，以满足在不可避免的生活问题时的基本需求.
Voucher assistance
You can obtain vouchers specifically for low-income people in the State of Selangor to buy essential items for Hari Raya Aidilfitri , Chinese New Year and Deepavali celebrations.
您可以获得专门针对雪兰莪州低收入人群的优惠券，以购买开斋节、农历新年和屠妖节庆祝活动的必需品.
Health Care Insurance Scheme
Under the Health Care Insurance Scheme program, policy holders are entitle to basic health treatment benefits every year and basic coverage covering death, accident and critical illness coverage.
根据医疗保险计划计划，保单持有人每年都有权获得基本医疗福利和包括死亡、意外和重大疾病保险在内的基本保险.
Mammogram Scheme
Under the Women’s Health Scheme providing free mammogram screening services to all women in the State of Selangor.
根据妇女健康计划，为雪兰莪州的所有妇女提供免费的乳房 X 光检查服务.
Healthy Help ( Bantuan Sihat )
This program to help low income Selangor citizens to get healthy treatment for minor surgery , Kidney dialysis , eye cataracts , prosthetic legs and other treatments that will be considered.
该计划旨在帮助雪兰莪低收入公民获得小手术、肾透析、眼白内障、假腿和其他可以考虑的治疗的健康治疗.
Rumah Selangorku Scheme
Eligible Selangor Citizens can apply to own house worth no more than RM250,000 through the Rumah Selangorku Scheme.
符合条件的雪兰莪公民可以通过 Rumah Selangorku 计划申请拥有价值不超过 RM250,000 的自己的房屋.
Technical & economic initiative
Smart Selangor Technical Skills and economic Initiative Program is a technical certification course where fees are fully covered by the Selangor State Government included fix allowance of RM300 per month.
Smart Selangor Technical Skills and Expertise Initiative Program 是一项技术认证计划，学费由雪兰莪州政府全额支付，另外还有每月 300 令吉的额外津贴.
Fund Scheme
Through this scheme the Selangor State Government will buy houses and Rent them out to low-income buyers. The house will be sell with the selling price minus a portion of the Rental paid. Participants of this program can carry out the purpose of purchasing the house unit in question within a period not exceeding 25 years at the original price of the house starting from the date it was first rented.
通过这项计划，雪兰莪州政府将购买房屋并将其出租给低收入买家。然后房子将以售价减去已付租金的一部分出售。该计划的参与者可以在不超过 25 年的期限内以房屋最初出租之日起的原价购买有关房屋单元的目的.
Smart Rent Scheme
The Smart Rent Scheme provides opportunities for low and medium-low income groups who are unable to make purchases,. Rumah Selangorku offered a Rental Scheme at a reasonable and affordable rate so that they can finally owned their own home in the State of Selangor.
智能租金计划为无法购买的中低收入群体提供了机会。 Rumah Selangorku 以合理且负担得起的付款率提供租赁计划，以便他们最终可以在雪兰莪州购买自己的房屋.
Applicable Benefits category
Home Ownership Campaign 2020
June 17, 2021 / 0 comments / 1340 views / Tags: Article, Lifestyle / Category: Article and lifestyleHome Ownership Campaign
Home Ownership Campaign HOC was a government initiative designed to support home buyers looking to purchase property. At the same time, it also encouraged the sales of unsold properties in Malaysia’s housing market .
With growing desire for home ownership among-st Malaysians, particularly in popular urban areas, the HOC initiative was designed to match aspiring home-seekers with all those empty homes.
The Home Ownership Campaign (HOC), which ran throughout 2019, was designed to encourage the increase in home ownership among Malaysians. And now, it’s back again from June 2020 till 2021.
The financial incentives & benefit that were offered as part of the scheme.
Full stamp duty exemption till RM1 million
Under the scheme, successful applicants enjoyed 100% stamp duty exemption on Instrument of Transfer for any residential home purchase up to the value of RM1 million.
Partial stamp duty exemption till RM2.5 million
For properties worth more than RM1 million up to RM2.5 million, you paid 3% stamp duty on the Instrument of Transfer for the amount that’s more than RM1 million.
| Property Prices | Stamp Duty |
| First RM100,000 | Exempted |
| RM100,001 to RM500,000 | Exempted |
| RM500,001 to RM1,000,000 | Exempted |
| RM1,000,001 to Rm2,500,000 | 3% |
How do you save on it ?
assume your property purchased price was RM500,000 in between with & without HOC scheme.
| without HOC | with HOC | |
| Down payment (500,000 x 10%) | RM50,000 | RM0 |
| Stamp duty on loan (450,000 x 0.5%) | RM2,250 | RM0 |
| Stamp duty on MOT (100,000 x 1% + 350,000 x 2 %) | RM8,000 | RM0 |
| Total cost | Rm60,250 | RM0 |
Comparison chat
Stamp duty exemption on the instruments of transfer and loan agreement for the purchase of residential homes priced between RM300,000 to RM2.5 million (subject to at least 10% discount provided by the developer).
The exemption on the instrument of transfer is limited to the first RM1 million of the property price, while full stamp duty exemption is given on loan agreement effective for Sale and Purchase Agreement (SPA) signed between 1st June 2020 to 31st May 2021.
Instruments on secure loan exemptions.
Instruments on secure loan exemptions.
All properties within the scheme enjoyed a further stamp duty exemption on the Instrument of Securing Loan up to Rm2,500,000 purchase price.
Eligibility (term & conditions)
The Home Ownership Campaign covered registered residential properties with a value between RM300,000 and RM2.5 million. Those properties must be registered with the relevant authority for each region. it’s important to note that properties classified as a SoHo, SoFo, or SoVo were not qualified for the HOC either.
Eligibility only applies to those registered residential properties listed by developers within the scheme. covered registered residential properties with a value between RM300,000 and RM2.5 million. Those properties must be registered with the relevant authority for each region.
Know more about home ownership campaign 2020
Know more about home ownership campaign 2020
Does it apply to secondary markets?
No, the HOC 2020 only applied to new properties registered under the campaign from specific developers.
Did all properties receive a 10% discount?
A minimum 10% discount applied on all properties within the scheme, with the exception of those subject to government price controls.
Can I buy multiple properties under the campaign?
Yes, you can. There was no limit to the number of properties you can purchase, and get stamp duty exemptions for all, under the HOC 2020.
Do I have to pay a fee to participate?
No, the campaign is free. Developers must pay a registration fee but that does not apply to home owners.
What was the exemption amount on the Instrument of Loan?
The exemption on an Instrument of Loan amount covers 0.5% of the loan agreement. That amount covers the standard stamping fee for such an instrument.
**Details of the home ownership campaign 2020 will be updated upon the official release of government gazette.
政府将会再度推出“拥有房屋运动”计划，购买房屋价格介于30万至250万令吉之间将可豁免地契 转让及贷款合约的印花税。至于地契转让方面，免印花税仅限于房屋价值的首100万令吉。
这项豁免 适用于今年6月1日至2021年5月31日之间签订的买卖协议，但须遵守发展商给予至少10％折扣的条款。
Should You Buy A House in Year 2022
July 24, 2020 / 0 comments / 789 views / Tags: Article, market Info / Category: Article and lifestyleTo Buy a Home 2022
The start of a new decade often spurs people on to make financial decisions and goals, and if one of yours is to buy a house, you may be wondering whether 2022 is the right time to do so. The answer? It may depends.
Should i buy an investment property 2022 ?
Whether now’s the right time to buy a home should largely boil down to mortgage rates, low inflation, housing market inventory and your personal financial circumstances, Mortgage rates are recorded at an all-time low, 3.301% BR on a 30-year fixed mortgage.
Keeping the above in mind, this year could be the right one to buy a home .
Advantage when you
- You have good credit. Though it’s possible to qualify for a mortgage with a lower credit score, the higher yours is, the more likely you are to get approved for the most competitive rates available. And that could be your ticket to making home ownership more affordable.
- Your current debt load is manageable. Your debt-to-income ratio measures your monthly debt obligations relative to the income you bring in. The lower it is, the greater your chances of getting approved for a mortgage.
- But home loan approval aside, having less debt means you’re better equipped to take on the expense of a home, so rather than focus on that ratio alone, think about how you’re managing the debts you already have. If you can pay them easily, then taking on more debt in mortgage form is something you can likely swing, but if you’re already struggling, you may want to hold off.
- You have a solid amount of savings. You need savings to not only make a down payment on your home but also to keep up with its ongoing costs and buy yourself protection in the event of unplanned repairs. Ideally. On top of that, you should have enough money left over to cover three to six months of essential living expenses, housing costs included.
- You have a steady job. If you’ve been with the same company for years, have a good reputation, and have reason to believe your job is stable, then this year may be a good one to buy. But if you’re not confident in your job situation, it definitely pays to wait a few years, get settled at a new company or in a new career, and then move forward with your home buying plans.
REAL PROPERTY GAIN TAX MALAYSIA
June 8, 2020 / 0 comments / 18513 views / Tags: Article, market Info / Category: Article and lifestyle
Gains tax act 1976 the Real Property Gain Tax (RPGT) is a tax chargeable on the profit gained from the disposal of a property’s in Malaysia which is payable by a seller.
Malaysia Real Property Gain Tax
For example, A man bought a piece of property in year 2000 at a value of RM500,000. Subsequently, A man sold the property to A girl at the value of RM700,000 then the RPGT is calculated for RM200,000 profit gaining from the disposal of the property.
Deductible of gain tax after
- Renovation costs
- Stamp duty
- Valuation fees
- Legal fees, Agent fees
Malaysian & PR (Individual)
- Disposal within 3 years from purchased 30%
- Disposal 3 to 4 years from purchased 20%
- Disposal 4 to 5 years from purchased 15%
- Disposal after 5 years from purchased Nil
Malaysian & PR (Company)
- Disposal within 3 years from purchased 30%
- Disposal 3 to 4 years from purchased 20%
- Disposal 4 to 5 years from purchased 15%
- Disposal after 5 years from purchased 5%
Tax Rate of RPGT for foreigners (individual)
- Disposal within 5 years from purchased 30%
- Disposal after 5 years from purchased 5%
Exemptions
- An individual will be given an exemption equal to Rm 10,000 or 10% of the chargeable gain, whichever is greater.
- Malaysian citizen and permanent resident will be entitle once in a lifetime exemption on any chargeable gain arising from the disposal of his private residence
- Transfer and transmission from deceased to beneficiaries
- Transfer between Spouses, parent and child, grandparent and grandchild
- Transfer to trustees.
Home Ownership Champaign 2019
January 29, 2019 / 0 comments / 861 views / Tags: Article, market Info / Category: Article and lifestyleHome Ownership Champion 2019
Under home ownership campaign 2019 Minister of Finance, YB Mr Lim Guan Eng announce that during the tabling of Budget 2019 last November whereby Malaysian house-buyers will be exempted from stamp duties for purchase of residential units made between January to June 2019 under home ownership campaign 2019.
Developers will also offer attractive discounts and packages for house purchases made during the period. HOC is open to all home buyers to encourage property ownership and stimulate the Home ownership Campaign.
Conditions for Registration of Residential Properties for Purpose of Stamp Duty Exemption
Exemption Period
- Stamp duty exemptions are given for residential properties which are sold during the period between 1 January 2019 to 31 December 2019.
Eligibility for Exemption
- Only ‘residential properties’, defined as houses, condominium units, apartments and flats including service apartments built and used as dwelling houses – with valid Developer’s Licence (DL) and Advertisement and Sale Permit (AP) or CCC (where applicable) are eligible to register, all other property types are not included in this exercise;
- The service apartment must be for residential use only and cannot be converted for commercial activities;
- Property prices : RM300,001 to RM2.5 million (before discount);
- It must be a sale from a developer to a purchaser or co-purchasers, all of whom are Malaysian citizens;
- The stamp duty exemptions are applicable for the purchase of residential unit/s for Sale & Purchase Agreement executed between 1 January 2019 to 30 June 2019;
- A minimum of 10% discount (from selling price) is applicable to all units that are not subjected to government price control.
- Eligible properties in Peninsular Malaysia must be registered with REHDA Malaysia. Eligible properties in Sabah and Sarawak must be registered with SHAREDA and/or SHEDA respectively;
- The stamp duty exemption is applicable to the following in relation to the purchase of residential property by an individual Malaysian citizen
Instrument of transfer
House Price for first RM100,000 = Exempted
RM100,001- RM500,000 = Exempted
RM500,001 – RM1,000,000 = Exempted
RM1,000,001 – RM2,500,000 =3%
Instrument on securing Loan are exempted up to RM2.5 mil
- HOC 2019 is an initiative by the Government stimulate the housing sector. As such, the Government offers stamp duties exemptions on Instrument of Transfer and Instrument on Loan Agreement.
2) The Campaign is open to ALL Malaysian individuals.
3) The Sale and Purchase Agreement (SPA) must be signed within the Campaign period.
4) Exemptions are applicable only for residential properties (including serviced apartments) that are completed or under construction, and governed by the Housing Development Act with valid developer’s license (DL) and advertisement and sales permit (AP) and/or Certificate of Completion and Compliance (CCC).
5) Only residential properties in the primary market are eligible for the stamp duties exemptions, thus sale must be from a developer to a purchaser.
6) A minimum 10% discount must be given by the developer, provided that the residential units are not subject to Government price control.
*The discount is given based on approved APDL pricing and must be reflected in the SPA.Eligible properties in Peninsular Malaysia must be registered with the Real Estate and Housing Developers’ Association (REHDA) Malaysia, while eligible properties in Sabah and Sarawak must be registered with Sabah Housing and Real Estate Developers Association (SHAREDA) and Sarawak Housing and Real Estate Developers’ Association (SHEDA) respectively.
