Malaysia first e-book on how to buy a Property
Buying a house will require some cash in hand but some New Launch might offer Zero Down, always safer to have some cash in hand in case bank need you to top up if buying using loan.
Usually can loan up to 90% unless is your 3rd property or more or commitment is higher than expected
Next step will be checking your CCRIS report. CCRIS report is a report used by all the banks in Malaysia as a reference before giving out a loan.
If you’re going to get a loan now or in future, you want to maintain a good CCRIS report.
You can print your CCRIS Report by walk-in to any Bank Negara branches all over Malaysia, or you can request it online.
Prepare full complete personal documents, property booking receipt, and seller’s SPA/Title copy to apply for a home loan. Make sure everything is complete to avoid any delay later.
Bank’s approval usually will take about five to seven working days. Once approved, you can choose the bank you like.
Once your loan is approved, is time to sign your letter offer. Make sure you have read every single clauses and pages, ask bankers for explanation and clarification.
After signing offer letter, is time to sign the S&P but make sure to read every single clauses and pages before signing and make sure you are understand and clear.
Inspecting the house to make sure everything is accordance to what have agreed with owner or developer before Bank release the final payment.
Counter check to make sure everything is accordance to what have agreed with owner or developer, check for defect before signing
To prevent be cheated or waste time.
Establish your criteria for your rental property; so that your search is more productive.
Make sure the price include whatever mentions during negotiation
By paying the booking fee usually 1 month of Tenancy Price, this will also be as 1 month advance Rental deposit to reserve the place you like, make sure cheque is to license agency not personal or owner
Usually bore by tenant, make sure included what has been discuss, the price, the items included, terms and conditions, owner detail, tenant detail, date and tenancy duration
A Tenancy Agreement is a legal contract between the tenant and the landlord. This agreement will cover all the important facets of renting. Have to pay the balance usually as standard; 2 month rental Deposit and ½ month rental for utility deposit.
Once signed, the Tenancy Agreement has to be stamped by the Malaysian Inland Revenue Authority (LHDN) to make it valid and legal in the eyes of the Malaysian court. This is an important step that cannot be skipped.
Special clause for Expat: The tenant, if he is a foreigner living and working in Malaysia indefinitely, must ensure that the tenancy agreement comes with a ‘diplomatic clause’. This clause comes into effect if or when the tenant has to leave the country and requires the contract be terminated early.
Usually bore by Landlord/owner unless specify
Check to make sure everything is in working condition, no defect, Electric Bill, Water Bill and Gas Bill if any must be paid.
Only sign Upon completion of hang over when everything is in good condition as agreed.
We all have our own personal needs and preferences when it comes to driving. With the array of cars available in the market, there is bound to be one that suits you if not entirely, at least sufficiently. Take some time to learn more about the most commonly available features and most recommended ones to have especially when it comes to non-mechanical aspects. The basics to weigh out and evaluate should include:
It is generally a lot cheaper and cost-effective to purchase Malaysian-produced cars. Foreign vehicles come with a hefty excise tax between 75% – 105% which causes car prices to balloon up by double or triple the price compared to that in other countries. However, as Malaysian cars are generously subsidized by the government, brands such as Proton or Perodua can provide you with basic driving needs, cheaper & easy to maintain with good resale value.
The importance of test driving certainly has been down-played with the current abundance of online resources and reviews available. But no matter what, it is always good to experience a car for yourself. Make a visit to the nearest showroom or dealer to understand what’s in it for you. Variables such as seat adjustments, steering wheel, control, and gear layout will differ from car to car, therefore, making it essential for you to know what you’ll be driving home at the end of the day.
Perhaps you can even take some time to talk to other drivers or friends about their car driving experience, better yet if they own the car you’re looking to buy yourself.
Know what you can afford based on your income and set a realistic budget, a handy tool to have a rough idea about this would be car loan repayment calculators which are even available on some of the car brand and local bank websites.
The cost of buying a car does not end with the price you see on paper, as there will be regular monthly and annual expenses including road tax, insurance, car servicing and maintenance, petrol, and so on. Imported cars are naturally more costly to maintain especially Europeans Cars and having low resale value.
When applying for a loan to finance your soon-to-be purchased car, here are some features that you would need to compare across banks before finalizing the agreement:
Car Loan is not like housing Loan, with higher can loan, you will end up paying a lot more.
Safe to say, all car brands in Malaysia have ample contact information or forms that you can register your interest with on their localized websites, sometimes even providing a complete list of recognized dealers and affiliates.
On the other hand, if you’re looking to buy a second-hand car, can be found easily
While buying second-hand cars give you negotiation power and saves you a large amount upfront, bear in mind that there are inevitable risks when it comes to buying second-hand cars so be sure to be meticulous in evaluating the condition, history, and background of the pre-owned car as well as who you’re dealing with and Malaysia is famous for Recondition car.
Buying direct from owner, make sure you are comfortable and only paid the booking fee, depending on your negotiation and never paid in full until the car transfers but if the car still has an outstanding loan, have to check with the bank and you will be required to settle the balanced and make sure you check with Road Transport Department to ensure the car is not a blacklist, A blacklisted car can’t be transferred and make sure have been inspected by Puspakom and approved.
To Import a car, you will be required to have an AP(Approve permit), only given to manufacturing and some license Dealer and if you are an Expat, you are allowed to import your own car with some conditions.
Once you’re all set on getting the car of your choice, it’s time to take on the legal papers and official documentation. In order to complete the basic steps of registering your car, applying for a loan and applying for road tax and insurance, you’ll most likely need:
When buying a new car, the seller or dealer should be handling all the documentation and paperwork for you to acquire the car. Once the car has been registered with the JPJ. you’ll receive a number plate and be free to arrange a pick-up or delivery time for your car.
To maximize and prolong the optimum functionality of your car in the long run, the follow-up servicing and maintenance of your car is absolutely crucial and not to be taken for granted. Each car manufacturer has different recommendations for each mileage stage to keep your car running at its best. While your car is still under warranty, it would make the most sense to utilize any guaranteed benefits or free services.
You never know when you might bump into car troubles, so always keep your insurance company’s number at hand. Depending on your car insurance policy, most would offer a convenient 24/7 towing service to bring your car to the nearest car repair workshop. Be sure to know how long repaired parts or changed components are under warranty.you can easily order battery replacements, tire changes, or towing services conveniently through the web.
If you are thinking of purchasing a boat, there’s a lot to consider – a boat is a big purchase and an even bigger responsibility. Here are some helpful tips to guide you through the process of this major purchase.
Now that you have decided to embrace the boating lifestyle, you'll want to establish a budget so you can start building and prioritizing your wish list. That budget will be a key factor in the decision to buy a new or pre-owned boat. Either way, the considerations for the size and type of boat will be the same.
When it comes to determining the right size for your boat, there are a number of factors to consider:
Information on the rules about boat registration and licenses in Malaysia, with details of Customs and immigration regulations. Also information about local marinas and regattas
Malaysia has been steadily developing as an internationally recognized sailing destination. The Malaysian government is actively promoting yachting in the country - as a sailing destination for foreign vessels needing marinas and repair facilities, as a major racing destination, and as a sport (especially dinghy sailing) for Malaysian people.
Sail Malaysia is a government-sponsored program promoting Malaysia as a sailing destination, especially for sailboat rallies.
The Langkawi International Yacht Registry (LIYR) is an internationally-recognized yacht registry regulated by the Malaysian Marine Department. It is open to non-residents of Malaysia for sailboats, powerboats, and superyachts.
Important to note: there is no import duty and AP needed to import boat since Malaysia is an international tourist destination but need to apply license for ownership which cost around 10% and there is way to reduce the cost by registering through some authorize international Yacht club, this varies from country to country.
A boat owned by a foreigner in Malaysia does not require a license. However, a boat does require a license if the owner is a Malaysian citizen or a permanent resident, or if the boat belongs to a Malaysian-registered company or business.
No license or qualification is required to sail or drive a pleasure vessel in Malaysia.
Foreign-flagged vessels can enter and stay in Malaysia indefinitely without attracting import duties or taxes. Crews of all vessels are subject to the current immigration regulations. I think this plus what I send yesterday is more than enough, just use the same format buying property guide but need to change the necessary
Boating is more affordable than you think. With an idea of the type of boat, you want to purchase, narrow things further with several practical considerations that can help you set your budget.
A new boat has both a warranty and factory freshness; a pre-owned craft may need to be checked out more thoroughly, but allow you to stretch your budget. If you consider all of the weekend activities and vacation expenses a small family can incur throughout the year, boat ownership is quite comparable
With a boat and budget in mind, it's time to start the shopping process. Start with a general online search of boat types, then hone in on individual models through manufacturers' websites, dealerships, online reviews, and forums. Don’t just rely on the keyboard. You may also have friends or acquaintances with similar types of boats or who enjoy similar activities. Ask them their experiences, and use their firsthand knowledge to your advantage.
For many boat buyers, it's important to be able to touch, feel, and see the boat that they are purchasing. Working with a dealer or broker can help make the buying process easy and simple. While you’re comparing boats, don’t forget to compare boat dealers or brokers. The location of the dealership and quality is an important part of your boat buying and ownership experience.
All brands are generally of the same but build quality and finishing might be the difference. Dealers or Brokers will find you anything you want, that’s their job. But after deciding what to buy, a first-time owner is better off with authorized dealers, who will guide him through the processes and procedures. Anybody can claim to be a broker, as opposed to an authorized dealer.
Once you narrow down your search and are seriously considering one particular boat, it’s important to have a thorough inspection of other major components such as the engine, propeller, bilge (inside a boat’s hull), steering system, electrical systems, and fuel tank.
Take a test drive or sea trial. Think long term—the boat you test with just two people may handle much differently with a full complement of family and friends. Likewise, that horsepower that seems adequate in a simple trial may not fit the bill down the road.
If you aren’t confident in your technical knowledge, you can enlist the help of an independent marine surveyor. Very similar to a home inspector, a surveyor will inspect the boat from top to bottom and inside out so you know exactly what condition the boat is in.
When it comes to the purchase process, there is more to know than the list price and features of a boat.
There are often a few additional costs not listed on the sticker price. Dealer fees, insurance, registration, accessories, storage, and upkeep should all be discussed with the dealer early in your shopping to determine the full cost of boat ownership and to avoid surprises later.
Find out what to expect after you sign on the dotted line. What is the delivery process? You will want a thorough review of the boat’s systems before taking the keys so you have the confidence to operate your boat from day one. You should also ask about the procedure for scheduling maintenance or repairs with the dealer’s shop when the time comes. Get a head start by learning more about the first year of maintenance.
And before you depart on your first outing, find out where you can take a boater-education course. Learning basic seamanship skills and absorbing some local knowledge will give you a greater confidence level once you hit the water. Completion of boater-education courses might also get you a discount on your insurance.
Buying aircraft for a variety of reasons. Both emotions and logic can come into play in making a big purchase decision like this, any major investment, buying a private airplane is something that should be well thought through and considered from several angles.
One of the first things that you’ll need to consider when purchasing an aircraft is that not all of your needs will be met. The general rule is to have your plane do 90% of what you need and the other 10% can be found through renting.
Often, potential buyers will think they need more than they will. Try to think about what your definite needs are, and try to meet those first. Everything else is a bonus.
Deciding on a new or used airplane is important. Going used can be enticing when the cost is factored in, but there are many benefits to buying new. Lower interest rates, financing, and tax benefits can all save you money in the long run. The lower cost of maintenance should also be considered with new planes.
Make your budget and stick to it. Many plane buyers make a rough budget without knowing what the market will be like and end up paying more than planned. Don’t rush your purchase, you’ll find something.
Since it’s a buyer’s market, many dealers will offer incentives to get an edge on the competitor. Talk to aircraft brokers and do some research on individual manufacturers to find better deals and talk to someone you know who’s already done it, This is a great way to learn about the aircraft’s maintenance and performance before you buy.
Don’t get your heart set on the first plane that you see. It’s easy for buyers to get sucked in by an aircraft’s charm, but remember that there are other ones out there.
If you’re new to aviation then you should look into a light-sport aircraft. This is a more cost-effective way to fly and learn to fly.
When demoing an aircraft, pay close attention to every detail of the performance. Know your stuff and take the salesperson’s advice with a grain of salt.
You’re the one forking over the money, so you should be paying attention to the settings and fuel consumption during a climb. Get an idea of the speed with timed runs between checkpoints and have the test pilot show you the cruise power.
Very important to have due diligence study of the airplane, outstanding amount under financing if any, any defaults, the unpaid seller in possession of the aircraft may retain possession of the aircraft until full payment is done.
In some cases, customs authorities may refuse clearance of any aircraft from any aerodromes or airports in Malaysia until the income tax is paid by the operator of the airplane under Section 105 of the Income Tax Act 1967 The Sale & Purchase of aircraft are exempt from Sales Tax in Malaysia
The Sale & Purchase of aircraft are exempt from Sales Tax in Malaysia The transfer of ownership of aircraft will be subject to stamp duty at 4% of the purchase price. Section 4A of the Stamp Act 1949, stamp duty is applicable even if the bill of sale executed outside Malaysia if the aircraft still in Malaysia. For Tax efficiency, transfer & sale be done while the aircraft is over international waters, to avoid paying stamp duty on sale for Malaysia, may be different from country to country.
When you find a plane or two that you like, sit down and make a spreadsheet with all of the possible costs. Compare the variable and fixed costs of multiple planes so that you get the best deal in the long run.
Having the money prepared ahead of time also allows you, as the buyer, to make an informed and responsible decision without worrying if you have the money or not.
When you make your purchase, you’ll need insurance. You can either find insurance online or get insurance with the help of a broker. If you’re new to the aircraft ownership game, then having some help processing claims is advisable.
This should be done early in the process. Take time and get quotes online then talk to a professional to help you learn about different types of insurance
Always use the online resources available to you. An airplane valuation tool can tell you the value of the plane you’re looking at. This will give you an idea of how much you’ll be spending.
If you’ve got friends that are also interested in aviation and you’re hesitant to take on the cost of an airplane alone, consider shared ownership. It’s unlikely that you’ll be on the plane so much that you can’t share it with someone else.
Make sure it’s someone that you trust and not someone you’ve just met.
When you’re creating your spreadsheet, you should look at what a plane has and what accessories you may need to purchase in the future. The plane itself is just the starting point and add-ons can get pricey, so factor them into your budget.
When buying used, make sure to get the serial number of the aircraft and look into its history. If you’re looking online, you’ll need to make sure that what you’re seeing in the ad is what you’ll actually be getting.
Take your time with this decision. Making a hasty purchase without looking under the hood, so to speak, can result in big-time repair costs down the road.
The most important thing with all of this is that you need to do your research. Buying used or new both come with the responsibility of the buyer to know what they’re getting into.
Finally, the option of renting is still there for you. If you do all of the research, crunch all of the numbers, and come to the realization that buying is not an option, that’s okay. If you rent less than 50 hours per year, then it said that you should keep renting.
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