PROCESS

Requirement

You must be a member of EPF.

Entitlement

Your entitlement would be at least RM500 in Purchaser’s EPF account II or the difference between the purchase price and loan amount (whichever is lower).

Procedure

  • SUBMISSION OF EPF WITHDRAWAL FORM TOGETHER WITH THE ORIGINAL COPY OF THE SALE AND PURCHASE AGREEMENT
  • PHOTOCOPIED IC ( IDENTIFICATION CARD)
  • A COPY OF THE LETTER OF LOAN APPROVAL FROM END-FINANCIER

Note: The original Sale and Purchase Agreement, Letter of Loan approval from your end-financier and your original I/C have to be sighted by the EPF officials.

Mode of Payment

The payment will be released directly to the member within a period of three to four weeks from date of submission. For more information, please refer to EPF website at www.kwsp.gov.my.

MALAYSIA MY 2ND HOME

Effective from the beginning of the year 2015, pricing limit for foreign ownership has raised from RM500,000 to RM2,000,000 subject to different state’s capping. To set an example, the Selangor Land Office has changed the minimum purchase price regulations for foreigners to RM3 million in the following districts:

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  • Petaling
  • Gombak
  • Hulu Langat
  • Sepang
  • Klang
  • Kuala Selangor
  • Kuala Langat

The Malaysia My Second Home (MM2H) is a scheme promoted by the Government of Malaysia to allow eligible foreigners to stay in Malaysia for as long as possible on a multiple-entry social visit pass. The Social Visit Pass is for an initial period of ten (10) years, and is renewable thereafter.Participants of the MM2H programme is offered with various incentives to make their stay more comfortable and enjoyable in Malaysia:

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  • Any foreigner may purchase any number of residential property in Malaysia, subject to the minimum price established for foreigners by the different states. They start from RM500,000 per unit for most states
  • Car purchase without import tax but subject to 6% GST
  • Education for children under 18
  • Tax exemption subject to existing guidelines
  • Domestic help

For more information about MM2H, click here.

A panel of bankers have been appointed to provide loans to those who qualify, but the final decision lies with you as you are free to choose any bank/finance company of your choice. The documents required to apply a loan are

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GOVERNMENT LOAN APPLICATION PROCESS

As a government loan applicant, you may have been advised by your Departmental Head on the requirements for a housing loan or you may refer to the web site Treasury.gov.my for information.

FLEXIBLE LOAN REPAYMENTS

Banks offer a variety of flexible loan repayments to suit your financial standing. You can speak to your bank officer about the following loan repayments:

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Graduated payment scheme

This scheme allows lower instalment payments at the beginning of the loan and will gradually increase over time. If you wish to allocate more funds for other purposes, this is the scheme you may consider taking.

Prepayment flexibility

Some banks allow you to make prepayments or extra payments so you can save considerable interest charges on condition that you make prompt monthly repayments.

Partial prepayment of the outstanding loan

Some borrowers find it useful to shorten the loan tenure by making partial prepayments with surplus savings or annual bonus. This effectively reduces interest charges if prepayments are made during the early years of the loan tenure.

For more information about housing loans, visit www.bankinginfo.com.my

REGISTRATION

Register online or visit any one of our sales and marketing offices to obtain a copy of the registration form from our sales personnel.

SELECTING A UNIT

Prior to a launch, you will be invited to visit our office to select your unit. Selection of units will be on a first-come-first-serve basis.

LETTER OF OFFER

Upon selecting the unit, you will be issued a letter of offer and the receipt for the initial 10% down payment. The letter of offer will contain the particulars of the property (ties) that you have purchased.

EXECUTION OF SALE AND PURCHASE AGREEMENT

You must execute the Sale and Purchase Agreement (SPA) at our appointed solicitor’s office upon settlement of the 10% down payment within 14 days from the date of confirmation of sale.

APPLICATION FOR LOAN AND EPF WITHDRAWAL

You are advised to apply for a housing loan instantly upon confirmation of sales. For those who are EPF members and would like to make withdrawal from your EPF account, you will have to obtain the EPF Withdrawal Form from the EPF office or download the form from the EPF website at http://www.kwsp.gov.my