Buying property in Malaysia

Buying property in Malaysia

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3sixty

Original Poster:

2,963 posts

198 months

Thursday 28th February 2013
quotequote all
-DeaDLocK- said:
3sixty said:
I am not sure on the criteria for the "being foreign" when buying the homes. My wife is Malaysia, but hasnt lived or worked there for 10 years now, do they expect a Malaysian income to avoid the limits on property prices?
I am not a lawyer, but would be very surprised if her absence from the country affects her right to purchase at all.

The banks can be quite flexible with proof of income. If you can prove marriage (easy) and prove your income (hopefully easy), my educated guess is that they can make it happen. A relatively large down payment (30%??) would help make it easier as well.

Many people here pay no income tax at all and get mortgages with no issue, even though in theory (if you go by what is written on the bank websites) your calculated earning is based on how much income you declare in your tax return...
Thanks for the insight, I do hope that is the case and will follow it up with some discussions with a lawyer/agent to make sure that is the case

anonymous-user

53 months

Friday 1st March 2013
quotequote all
No if your wife has a Malaysian passport that is all she needs, and the lower limit does not apply on the price, but if you buy in joint names then it is a forign sale and there is a lower price. limit below which you can not buy.
The limit is different in different states, KL is easy to buy in, as are parts of JB and Penang, othere state can be a problem, there is normally little problem in buying a condo, but I know people who have been refused permisssion by the state government to buy freehold land.
I will answer you PM questions over the weekend.

3sixty

Original Poster:

2,963 posts

198 months

Friday 1st March 2013
quotequote all
Thanks Berw, just need to get cracking finding something now.

I'll wait for your reply to the PM