My First House Programme

A housing area/estate in Matang, Kuching.

In the recent budget, there was quite a few things I didn’t like and I felt didn’t effect me directly.  Lets face it, I was hoping for a pay increase, but we all know that didn’t materialize.  So much for being ‘high income’.

Anyway, one of the few things I liked about the 2011 budget was the ‘My 1st house programme’ which was something the BN Youth Lab came up with.  According to the budget statement I obtained from the Ministry of Finance, the ‘my 1st house programme’ is for those which have just started working and would like to buy a home for themselves.  The programme allows a maximum 100% loan for a house, which is very good if compared to the previous maximum 90% loan one must bear.  Yes, of course taking up more loan isn’t good, but what choice do you have when houses nowadays cost over RM100k each?  And, that’s not all… I have heard over these few days that some quarters are trying to push the ceiling price of RM220k per house set by the government to be eligible for the loan to a maximum of RM350k.  I hope it does materialize 🙂

Housing loans – Photo from the internet

So, with the good options given by the government, I have decided to move forward my plan to buy a house.  Initially, I decided to get a house only after I’ve finished re-payment of my car loan, which is set at 2013, but with so much incentives, the leak in my current flat and the fact that property value continues to spike even higher, I have decided to get it early.. maybe next year.  I have also since re-strategize my financial plans, and have been asking around about possible new housing projects.

The problem is, as a new house buyer… I am kind of lost about what I need to pay, and what I need to be prepared for.  Also, I do not know what should I take extra precaution in purchasing a house.  Today, after a short visit to Batu Kawah area where there are quite a number of housing projects up-coming, I learned that if you use government loan, it will take almost 3 months to clear, and you will need to prepare about RM3-5k just for legal/stamp/duty/admin fees.  Also, I learned that if you have out-standing loans, it will effect your loan eligibility, and renewal of housing land title for the next 6o years is about RM1000.  All these information seems so much to digest, so… assuming the fact that I have like RM250k at my disposal for a Single Storey Semi-D/single storey Terrace -Corner … what’s next?

A Semi Detached Single Storey house – Photo from the Internet

Mum advised me to get a 2nd hand house near where I am working because she said there is no point buying a house so far away yet not staying in it, but then again.. I am staying in Matang area and the land here is swampy.  I do not mind commuting, but I believe after a while, I would find it tiring (assuming I bought a house far from my work area).

I also understand that housing agents get some sort of commission when they sale a house to you… so anyone you know who is willing to ‘share-share’? Heheheh…

Well, with that said, anyone has any advice?

Anyone has anyone who knows of new up-coming housing projects in Kuching?

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