Documents and everything you need to prepare before buying a house/mortgage/property, Malaysian style

In order to successfully own/buy a house/mortgage/property, you need to prepare all these documents and of course, please inspect the house that you desire to have, either new house (buying directly from developer) or you are buying from owner (ie 2nd hand errr house? do we have that term?)

1st step: OFFER TO PURCHASE

First and most important is, you and seller need to have a so called Offer to Purchase agreement whereby you both sign a piece of paper containing term and condition when purchasing the said property, with witnesses (could be your family members, as the witness), and signed form should be given to your loan/banker, to apply loan, obviously. If you are super rich, please ignore this step, because you are paying cash to the seller.

2nd step: THE LOAN

Please kindly prepare loan documents to proceed your Mortgage loan as below:

Employee (Fixed income earner):

1. 3 months pay slip

2. 3 months bank statements

3. latest EPF statement

4. employment letter (if current work is less than 1 year)

5. income tax statement / receipt

6. Any side income supporting documents

Employee (Commision earner):

1. 6 months pay slip

2. 6 months bank statements

3. latest commission statement

4. employment letter (if contracted)

5.EA income tax statement / receipt

6. Any side income supporting documents

Side income supporting documents as:

- Fixed Deposit

- Unit trust

- Bonds

- Public Quotes Shares

- Tenancy agreement with rental receipt

- Foreign Currency Account

- Gold Saving passbook

- ASB

- Etc

basically, give the banker all info about you and please show them that you are eligible for a loan. So start gathering documents.

then follow these steps to complete the transaction.

1) loan must be approved

2) LO letter offer bank must be signed

3) Lawyer should prepare the SPA (sales purchase agreement)

4) SPA draft will be sent to seller's lawyer

5) Both buyer and seller agreed T&C, both sign SPA (Pay the remaining deposit & legal fees)

6) Pay Evaluation Fee for the property (Loan officer akan suggest valuerer)

7) Lawyer prepare Loan Agreement (Pay the Loan agreement fees)

8) Wait for the process of changing name of property to new owner (buyer)

9) Bank will settle all outstanding 90% of the amount stated in the Offer to Purchase form

so.... happy hunting house!!!

any question please email me, thank you for reading....