The Condo Down Payment in Malaysia: How Much to Put Down?

For most of the home and condo buyer especially the first-time home buyer, down payment on a house can be a burden as it easily can cost them up to RM25,000 for a medium cost property. This is due to the facts that the financial institutions in Malaysia only offer housing loan up to 90% of the condo’s price for your first two residential properties. Hence, you need to prepare from your own money for the balance 10% payment.

Let’s face it, if you are a regular wage earner, accompanied with the skyrocketing property prices, difficulty in securing condo loans and paying the down payment on your house purchase are probably the three most common obstacles to buying your first home.

Luckily, there are some financial alternatives for you to solve issues on paying the down payment on a house. For example, our government are providing home buyers with some helpful housing schemes such as MyDeposit and Skim Pembiayaan Fleksibel PR1MA. From MyDeposit, you could receive up to RM30,000 or 10% of the property price following which one is the lower amount for you to pay the down payment on your condo property purchase. Under the Skim Pembiayaan Fleksibel PR1MA, you could entitle for a zero-down payment for your property but it is only exclusive for PR1MA homebuyers.

Besides that, there is another alternative to assist you in the payment of the down payment on a house such as the EziOwn programme offered by Wonderlist Property. It is a voucher savings programme for the purchase of your property. With the ability to use the voucher to pay the down payment on a house, it certainly will make the home buying process simpler.

 

Read More >> Paying Down Payment With EziOwn

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