My First House Programme

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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?

9 COMMENTS

  1. i think getting a new house is better than getting a 2nd hand cos you might need to do quite a lot of renovations since it’s OLD -_-” The price for a 2nd hand house is not even less by comparing with a new house.

    As for the distance between your work place, we always have “e-tukar” mah!! hehe!

    If you insist matang area, I think Taman Genisis or Sri Moyan is good. The house is BIG, the price is CHEAP and it’s just behind Taman Malihah. I believe it’s not too far from your work place 😀

    • I went to Genesis. The houses left are intermediate. Im looking for corner or semi-D SS. 🙁

      Malihah is flood zone unfortunately, and its swamp.. but the Moyan area is good.

      Thank you for the advice.

  2. All the above are true. 🙂 if u take commercial loan, ur amount eligibility will depend on ur current finance commitment. Some banks offer good rate, choose wisely. But do ur research more on house buying guides so that the agents or anyone cannot fool you. Good luck!

    • I’m going for government loans as its softer on me, and I have higher allocation (if im not mistaken). I’m reading those articles on buying a house, but I’d appreciate advice from those who have got theirs already. You already buy yours?

  3. with the price of petrol being unstable in the long run if u think of prospects of transfer in the immediate term r slim, stay near where u work n close access to yr family .will b useful when there r kids to consider

  4. Hi Cyril,

    You are in dilemma huh? Oh well, I agree to what theeggyolks said.

    I just bought a house in 12th mile in July this year. At first we thought of buying our rented house (2nd hand) but then, to maintain an old house will be costly and the price isn’t so much different with our new house. So we decided to go for the first hand house. Satisfaction guaranteed!

    Don’t worry about the money. There are developers that offer free electricity and water installation. Plus, free lawyer fee. Until today, we only paid the booking fee of RM1000 and the duty stamp which was RM200. That’s all Cyril.

    We use government loan and we will only pay the installment once the house is completed (next year). The only time you will need more money is the day you want to move in. You will need;

    a. to buy lightings.
    b. to put up grills.
    c. to pay for transportation.

    The other cost will come along soon after that.

    All the best in your house hunting Cyril.

    • Was it that Cheap? Wow!! I was told I need to pay more. Like RM3-5k!!

      But I was also told that houses after 1oth Mile Kch-Srn road tend to be cheaper and have discounts. The salesman I talked with said that there is no discounts if i buy a house near kuching as its very competitive.

  5. budget wise – moyan area is definitely a good catch. anyhoo, you are a little too late, if you posted this earlier, i might have recommended you to my colleague since she is selling her 1 1/2 storey hse at moyan area for RM280k (someone has bought it)bigger land size. wiring – check, grill – check. wet kitchen area has been renovated & extended.
    anyway, try setting your eyes on the newly-built houses opposite moyan. it’s called green acre. my hairstylist bought the house for RM280k (if im not mistaken) double-storey corner. nowadays, where can we get double-storey hse for less than RM220k – within kch’s golden vicinity? – NONE (sigh..)

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