It's one of the most adult thing you can do, and one of the most expensive thing you can own. Buying one is such a pain in the ass which sometimes makes you just want to rent forever or live with your parents.
However some people based on their own calculation, prefer to just rent or in a long term lease compared to buying.
I never knew how hard it is to buy, or maybe I just got too excited and easily pushed by everyone.
This is my step on how to buy a house using plain old simple terms
- Check how much loan are you qualified. Go to a bank and discuss how much loan can you apply. Just provide what other loans you have and they might figure it out.
- Prepare yourself for the loan
- Identification card
- 3 months pay slip
- EPF form
- Staff ID
- Letter from company saying you are a worker
- 3 months bank slip
- booking receipt after you paid the fee (this is the last step, just make sure you prepare everything else first)
- However it might change due to discounts by the bank or if you bought a new home it's a discount by the property company
- It's better to just have the extra 11%, if it's less you can use the funds for something else.
As much as I think it was that simple, it turned very stressful for me. I thought I was eligible for the 100% loan but I was not. Too bad the news comes after I paid the 10% down payment. The blame is place on me apparently because I was not to sign the SPA without my loan being approved. However the loan improvement took longer than 20 days I had to pay the down payment or I would be penalized for paying it late.
This a big step for me. Perhaps I should just started with a cheap home and learn the basic of home ownership. Gosh, in 2 more years, there will even be more drama with the various fees that comes with owning a home.