Being determined to own your own home is a big step forward and it takes quite a bit of planning and preparation along with some level of decision-making. In this case, you would need to consider reviewing your finances in advance. Are you ready to buy it now or do you need to save a little more for your down payment?
This blog post gives you a better understanding of the steps in the process of buying a home.
- Ensure that your savings are ready to go
Before beginning the house buying process. First, review your financial position and work out a budget to buy a home. Most financial advisors would recommend that your monthly loan installments should not exceed 1/3 of your income.
Say you plan to buy our 20’x70′ single storey house, Cornflower which will cost you RM258,800.
We are offering the following promotional package to our early bird buyers: –
- *Rebate up to 8% on downpayment,
- Free legal fee, stamp duty and disbursement on transfer and charge
- K4U Package (at RM1).
*Terms & Condition apply
The Down payment, as low as *RM5,176 to be paid upon signing Sale & Purchase Agreement.
Under the promo package, the legal fee, stamp duty, and disbursement on transfer and charge are to be absorbed by us, the developer. You have save *RM11,300 on this!
If you take up 90% loan margin on 35 years tenure, the monthly installment of your home is approximately RM1,100 and your monthly household income would need to be RM3,300 and above.
You also can consider financing your purchase by withdrawing from your EPF Account 2, learn more here.
- Touring homes
Touring homes can be exciting! You’d get a better idea of the location, price range and type of home you’d be buying, make a list of what you need and another of what you’d want in your new house, it can help you locate the right home to tour.
To be more efficient you can take a virtual of our homes here or speak to our sales advisors, they’re here to help you fine-tune your search and find the home that matches you the best.
If you have trouble deciding between the types of home to go for, you can take a look at our last post to see which would suit you better, a single storey or a double storey home.
- Close the deal
So now you’ve found a house that you like, it’s time to prepare all the relevant documents and get the necessary payments ready.
- Apply for a loan, call or visit a few banks; pick the one with the lowest rate and get an idea of how much you can borrow.
- You will be requested to sign the Sales and Purchase Agreement and to pay a 10% down payment and other additional charges, such as legal fees and stamp duty on transfer and charge.
- After your loan has been approved, this is the final step in the process of owning your own home. Your lawyer will require you to sign all the documents and legal papers necessary.
- After you’re done with the initial payments, you’d be looking to pay the balance (90%) according to the installments schedule or to wait for the bank loan to disburse if you are taking the bank loan.
- Get ready to move in
Congratulations! You’re officially a homeowner. Now, you can start planning on renovations and your housewarming party. If you are buying an under-construction home, you’d have to wait for it to be completed before vacant possession.
Our selected homes come with K4U Package if you opt to take it up at RM1. Under this special package, you will be entitled to: –
- Expert Financial Help
- 40 months Home Warranty
- 4 Years Home Contents Insurance
- Easy Move in – Free Broadband, LAP + TNB ready
The home-buying journey seems long and may not sound easy, but to have a beautiful new home to call your own is worth it in the end.
Looking for your new home? Drop by our office or show homes today for a chat and let us help you plan your future home!