Image via iProperty, Edit: HITZ
The idea of buying property is something that can give us a lot of pressure, fear and anxiety simply because it’s a huge financial commitment that’ll tie us down for a few decades. In today’s economic climate, we think twice about buying the latest iPhone, let alone a house.
Unless you’re swimming in cash…
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Nevertheless, it may sound difficult but it’s not impossible to own your first home with an affordable price tag. So here are some tips we have to help you own a landed property in Penang for less than RM450,000:
#1 Score a good deal through the Youth Housing Scheme
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Firstly, you should consider registering for the Youth Housing Scheme under Bank Simpanan National. It’s a first-time home ownership scheme (BSM) for married youth aged between 25 to 40 years with a household income that doesn’t exceed RM10,000 per month.
Through this scheme, BSN will provide a loan of up to RM500,000 with a financing tenure of up to the age of 35 or at 65 years old—whichever comes first. However, this scheme is only limited to 20,000 buyers on a first-come-first served basis.
Besides that, BSN will also assist to finance 100% of the purchase price and an additional 5% of purchase price to pay for takaful or insurance.
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The remaining cost of financing the documents or loans, including legal fees, will be the buyer’s responsibility.
Under the scheme, the government will also give 50% of stamp duty exemption to transfer agreements and loan agreements.
Those who are eligible will receive a 10% loan guarantee through Cagamas, the National Mortgage Corporation of Malaysia, as full financing assistance. This includes a monthly instalment of RM200 for the first two years, which is limited to only 10,000 units.
#2 Find out where the new ‘it’ township will be
Since Penang is one of the more popular states in Malaysia in terms of livability and tourism, you should do some research behind up-and-coming townships and observe whether the population in the area you’re eyeing is increasing.
The bigger the population, the better your chances are to get a higher return from your property investment. This is because when there’s a large population, there will be more things developed to accommodate the people, such as shopping malls, public transportation, restaurants, and schools.
One of the townships to consider in Penang is Batu Kawan. Situated within the South Seberang Perai District in Seberang Perai, Batu Kawan is considered a booming township due to its popularity. The Chief Minister of Penang also foresees it as a bustling metropolis in 10 years.
Image via Eco Horizon
Image via Eco Horizon
In fact, you can also find competitive property prices that go as low as RM426,000!
#3 Choose a prestige and reputable developer that’s offering landed property for RM426k
Another important factor to ensure that you get your money’s worth is to buy your property from a developer with a good track record… and we managed to find a hidden treasure that even Penangites themselves don’t know.
There’s a chance for you to own a landed property in Penang from only RM426,000… and you can even design your own layout to create your dream home!
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You know, by the time you read this, we’ve already secured our seats to know more about the offer from this well-known prestige developer. As the Hokkien saying goes, such a “kang tao” (good opportunity) like this, we should grab it first before others! 😂
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