Wondering how others can successfully in property investment? In your mindset, you are believe that they must be wealthy enough to start their property investment journey or they must be lucky enough to buy the property in the right time, aren’t you?
People, there is no any particular time or age to begin your property investment career. By learning to invest in properties during your young age, you should learn how to manage your financial as well as make yourself more independent. Also, it is advisable to invest in property before you invest in your cars. Here is the tips and benefits for the newbies;
We talk about buying a property, the first cost that comes to mind is always down payment. MyDeposit Scheme is the latest initiative by the government, where essentially offers a 10% incentive on the sale price or a maximum of RM30,000, whichever is lower. whichever is lower. This scheme is only applicable for first-time home buyers, for properties priced at RM500k and below.
E.g.: If you are buying a property priced @ RM 500k, you still need to prepare RM 20k on your own, and MyDeposit Scheme will cover another RM 30k for you.
2.Skim Rumah Pertamaku
Should you could not get a 10% deposit for your first home, don’t worries. Skim Rumah Pertamaku would allow you to apply 100% margin of financing for residential property, and you need to indicate your intention to applying the loan under this scheme to the bank officer of the participating bank.
Do note that not all the banks in Malaysia are available for this scheme, please do visithttp://www.srp.com to get the full list of participating banks and also do check whether you are eligible for applying for this scheme.
3.Stamp Duty Discount
Apart from the above schemes, first-time home buyers are also entitled to get a 50% stamp duty exemption on the instrument of transfer and loan agreements for residential property purchases worth RM 500k and below. (For more details of calculation of stamp duty and legal fees, Click Here)
4. Higher Mortgage Financing Rate & Terms
An individual entitlement of 90% mortgage loan for the 1-2 properties, and 70% loan for third property onwards. Therefore, it is advisable to choose your first and second property wisely. Additionally, if you invest in properties during your young age (e.g., 20-24), you can get the bank loan up to 35 years in order to reduce your burden.
5. Real Property Gain Tax (RPGT) Exemption
Real Property Gains Tax (RPGT) is a form of Capital Gains Tax that is imposed on the disposal of property in Malaysia. You can get exemption from RPFT in below cases;
- Exemption on gains from the disposal of one residential property once in a lifetime to individual
- 10% of net gains OR up to RM10k per transaction (whichever is higher) is not taxable
- Exemption on gains arising from the disposal of property between family members (e.g. husband and wife, parents and children and grandparents and grandchildren)
From the past to future, properties are always consider as a good investment as it won’t affected by any negative external reasons. So, get in as early as possible no matter what.