Yes I wld love to buy one at jb.
But several issue;
1) Must be easy accessible.
2) The price must be right.
3) The security must be right.
4) There must be no language barrier.
5) Transportation (at jb) is easy, just like spore.
6) Foods, markets, shopping center...near to the place I
buy.
7) Lastly, let me check how much I left after forking out
sgd$100K + renovations costs.
But, back to the top....if you are a sporean, how are you going
to buy a bungolow there in the first place? There must be some form
of procedures sporean need to fulfil right?
here are the details:
http://www.mm2h.gov.my/index.php
under the Malaysia My 2nd Home Scheme, you will be granted a
10yr social visit pass, for unlimited stay in Malaysia, renewable
upon expiry.
Applicants aged below 50 years are required to show proof of
liquid assets worth a minimum of RM500,000 and offshore income of
RM10,000 per month.
Applicants aged 50 and above may comply with the financial proof
of RM350,000 in liquid assets and off shore income of RM10,000 per
month.
iii. New applicants who have purchased properties worth at least
RM 1 million qualify to place a lower fixed deposit amount upon
approval.
Upon Approval : Aged Below 50 years old
Open a fixed deposit account of RM300,000.00.
* After a period of one year, the participant can withdraw up to
RM150,000.00 for approved expenses relating to house purchase,
education for children in Malaysia and medical purposes.
_
House
Purchase:
Please be informed that property purchase is not a pre-requisite
for participating in MM2H programme.
Any foreigner may purchase any number of residential property in
Malaysia, subject to the minimum rates established for foreigners
by the different states. They start from RM500,000 per unit for
most states, from 1st January 2010. Land is a state matter and it
is important to check state laws before making any commitment, as
the minimum purchase price is not standardised between states.
Car
Purchase:
Each participant is allowed to bring in his/her own personal car
OR to purchase a locally-assembled car without the need to pay
import duty, excise duty and sales tax.
____________________________________________________
in other words, you need to show proof that you have $208k in
your bank (for 3 months) , and an income of $4168/month.
after you get approval to participate in the scheme, you have to
open a fixed deposit account of $125k in Malaysia. From the fixed
account, from the 2nd year onwards, you can withdraw half the
amount for purposes such as home purchase, medical fees, and
education etc.
it is not a pre-requisite to own a house in M'sia prior to
application for the scheme. but they have raised the minimum
property value for foreigners from RM250k (SGD$124k) to RM500k as
for Jan 2010.
and under the scheme, you will be eligible to drive a M'sian
car, e.g. proton, perodua, at M'sian prices, with no COE and the
200% import duty for singapore cars. But the downside is that you
will not be allowed to drive your m'sian car into singapore, since
singapore citizens and PRs are not allowed to drive M'sian cars
within singapore.
i think you can get around the savings requirements:
ask your relatives to loan you money to place in your account
for 3 months, to meet the RM500k requirement.
afterwards, get a loan for RM300k, for the fixed deposit,
deposit into M'sian banks like Maybank, which has some presence in
singapore.
after 1 yr, draw out RM150k to pay for M'sian house, and apply
for bank loan if necessary.
there you go, the first step to owning your own bungalow.
but the main hurdle is:
1) meeting the income requirement of S$4.2k/month.
2) Save a considerable amount of money. e.g. S$125k? or at least
enough to service your loan interest.
RM500k (S$208k) for a bungalow is still cheaper than a S$350k
HDB 4 room flat.
