Can an expat or foreigner own property in Malaysia (KL)

Yes, it is possible. The only limit that I am aware of, is that the property must cost RM500,000 or above.

Yes. This is correct it must be a minimum of RM 500k and a deposit of 20%.

Thank you Jo Amelie and Matt Baker for the information. Matt you mentioned about "deposit of 20%"; I do not understand. 20% of?

Thanks Again.
Usman

If you want to purchase a property using a mortgage you have to put down 20% of the purchase price.

Obviously, if you are buying cash this isn't an issue.

Yes Expats allowed to buy a property.
10 years ago the value of the property should be above 250,000.00 Local Malaysian ringgit.US$ 85,000.00 but now its much more higher.

I hear that its double but I can not confirmed.
You can ask Malaysian embassy in Pakistan or maybe another Expats would confirmed exact amount.

I bought a property 10 years ago and I am expat.

Yes you can. The Federal government set the minimum limit at RM500,000 and above, but some states decided to not follow the federal recommendation.

Thank you all.

I have one more question regarding this. What if a person has got the 'Second Home' status (provided by the government of Malaysia). Will same conditions apply on that person too?

Regards,
Usman

Yes. Except in Penang where the limit goes down to 250K.

With MM2H status. Buying property in Kuala Lumpur / PJ - min is  RM500K and above.

Need to aware is not all the banks offering mortgage loan margin @ 80%. Expats are much better go to foreign banks (such as Citibank, Standard Chartered or HSBC, Al Rahji bank or Kuwait Finance House (Malaysia) Berhad branches in Malaysia.

If you are seeking for a mortgage or an experience Conveyancing solicitor, please do not hesitate to contact me, I can referred your friend to my contacts.

Do you know what loan margins they are offering? Would be interested to find out.

If you are able to forward me your friends details, I meet a number of expatriate who would find this service of use.

Be aware that there is a lot of discussion on the oversupply of condominiums at the moment. Prices may come down in the short to mediuam term.

Thank you mattbaker for your info! Much appreciated.

mattbaker wrote:

Do you know what loan margins they are offering? Would be interested to find out.

If you are able to forward me your friends details, I meet a number of expatriate who would find this service of use.

The loan margins from the foreign banks are higher than the local banks such as Public Bank. Unless your friends have local work permit.

mattbaker wrote:

Be aware that there is a lot of discussion on the oversupply of condominiums at the moment. Prices may come down in the short to mediuam term.

Hi Matt,

My wishes too, that's why I'm holding till next year July...especially those areas with full of supply in Condo.

The new condo project's prices are mentally high and the size is huge, which I think the developers might be target those family with more than 3 children...selling prices approx RM1million and above.... and most of the investors who invest in this new project hoping to subsale double the price.

may be can drive around the oversupplied area, check out how many units are vacant?

usmannaeem wrote:

JC138 wrote:

If you are seeking for a mortgage or an experience Conveyancing solicitor, please do not hesitate to contact me, I can referred your friend to my contacts.

Thanks. He is not interested in mortgage, I think if he is interested then he will only deal in up-front payment.

Not a problem. One advice if your friend is purchase a property, never sharing the solicitor with the vendor, although some vendor will said this will proceed faster, but is conflict of interest, still outside have many purchasers / vendor sharing one solicitor, only having court fighting after one party found that the agreement isn't equal.

I live in KLCC and the oval is still empty and you see very few lights on in many condo's at night.

Holding off till next year seems very sensible.

mattbaker wrote:

I live in KLCC and the oval is still empty and you see very few lights on in many condo's at night.

Holding off till next year seems very sensible.

MK10, Seni, Solaris Dutamas and MK11 - these few new condos also not fully occupant too. Not to mentioned some of the old condo in Mont Kiara.

Yes you can buy a property.
And if you looking for an expert opinion if you should buy now or later I am affraed this decision you should make yourself.
Like all around the world countries economies connected one big financial problem in USA effects everything or EU
And I noticed there are many advices,maybe you should come here first to feel the country talk your own country man see the location would be adviceable. You are going to invest money in property and spending little on trawell should not be a problem.
Yes you can buy property in Malaysia.

Hi Usman and All,

Nice to know you here. Am new here but have settled in Malaysia and loving it.

Anyway, just wanna highlight some points here. I used to live in Bangsar but decided to move elsewhere as I was once a victim of snatch thief in Bangsar. I now live in Mont Kiara and I find it nice and safe. Plus, I live close to the new palace (it is huge!!!!!!).

On the purchase of properties in Malaysia by foreigner, I am sure quite a few have answered the question. Yes, foreigners can buy properties in Malaysia and I am one of them. I bought my condo in MK with the help of a lawyer who cared to explain the details and process to me. Here is what I remember :-

a. Depending on the location of the property that one is buying, the minimum price is set at RM500K. However, this is only applicable in KL and Selangor. You will have to check with other states' land offices on the minimum threshold if you choose to buy there.

b. If the property is in KL, there is a need to apply for consent from the State Authority before you are allowed to buy. Of course, this will be done by the lawyer and it could take up to about 3 months for the State to process the application. The lawyer that I engage was efficient and I got the consent within 2 weeks.

c. For the benefit of those who are interested in loans/mortgage, banks nowadays only give out a maximum of 70% of the price. Of course, other conditions like placing fixed deposits may be applicable, depending on which banks you go to. As far as I know, HSBC does not give out loans to properties with no title (I have tried but they said no). The loan I got is from Standard Chartered.

So, hope the above helps. If anything, I can be contacted at [email protected]. Gud day all!!!!!!!


Regards,
Warren

hi Warren and all,

for Warren explaination on sentence C...

not every bank would approved 70%. even some of the bank such as OCBC and CIMB, margin is about 50% - 60% based on Market value ( quoted by Bank's appointed valuer. some how still have bank offering up to 80% loan margin such as Standard Chartered, HSBC, UOB, Alliance bank and so on. Although they said at first is 80% or 70%, but it is not guarantee that applicant would get at the percentage as per first mention, Bank would still need to do a calculation based on Debt income ratio..each property monthly installment is not allowed to more than 40% of monthly income. If applicant's income not from Malaysia, all income ( stated in salary slip) have to convert into MYR, and only considering 70% of the amount in order to avoid any risk may encounter by bank (bear in mind, bank always not to leave any chance to avoid from high risk lost)

However if anyone of you who need more details on the explaination part for mortgage, Property info consultation including a free valuation among the banks, and sales and purchase agreement fees quotation, do send me inbox message.

Again, all of us here only sharing info to each of us. Thanks for sharing

Thanks Celine for sharing. Of course, the loan margin is by no means fixed and every individual's financial background will dictate the final margin. The calculation of the mortgage itself is way too complicated for a layman to understand.

Best advice : go to your nearest banks and query.

Warren

Yes, Warren, your explanation is great helpful for those who are new, and you are so lucky to find the solicitor who is helping you on this. We also bought a house few years ago, but the solicitor taken almost 18 months for the transaction, with the letter of consent for the Ministry of the Finance department, the owner who don't know English, have to find the translator to translate the agreement and letters to her, she don't even believe her own solicitor. Anyway, cut the story short...this is our nightmare of purchased the 1st house in Malaysia, although I born in Malaysia, live in Malaysia. As for the bank loan, Public Bank gave us 50% margin, Citibank offered 70%, the higher margin was from Standard Chartered Bank. So far my husband and I love their service.

JC,

Sorry to hear that it took about 18 months for you and hubby to get your first house. Am sure of the nightmare and worries of waiting for so long.

Yea, i think i was lucky to have gotten a helpful lawyer. I was introduced to him by a mutual friend and the reason why i said i was lucky was becoz I've heard of my Malaysian friends telling me that there are many dishonest and crooked lawyers out there. What's more, one of my colleagues was given the wrong legal advice, resulting in losses. So, i was thankful i got the right lawyer. Now, I go to him whenever i need legal advice, not just on buying properties but also other stuff.

Anyway, hope your second house will not be that much of a hassle.


Warren

Hi Warren, yes, recently I reunion with a local friend found out she is solicitor, which gave us some good advice. ^_^

In shah alam property cheap

Hi.

Expat can buy a property in Malaysia

Kuala Lumpur - Over 1 Million price
Selangor- Over 2 million price

I'm interested to purchase a property in Malaysia ,Can anyone help me if I can own the land too.

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