Hey, are you young, just graduate or working for a few years but have that strong urge to buy a new house like your friend David, Mohd or even Siti?
Well, if you are exploring of buying that one house so that you can be like your friends owning something call your own, then I think you should read this article.
I was in my late 30s now. I was once young but not graduate, fortunately for me, it turns out great.
Many years ago, I was a young house buyer. Zero knowledge and wondering the world like everyone else until I was hired to work with a bank as a clerk for home loan disbursement unit.
Even so, working with a bank people expect you to know something, still I’m as confused as you are.
So, I bought my first house from a developer. I was helping the developer to arrange for customer home loan. And I was assigned to attend their launching for many months.
As tempting seeing many buyers bought the house from the developer, I also joined the new house buyer group.
My sister and I bought the house, an apartment. Boy, what a mistake we make!
Down the road, little did I know that the developer was having a financial problem and was delaying for many years before the project was taken over by another developer to complete it.
We’re happy it was completed.
As soon as we got the keys, we sold it immediately. That’s how happy we are! (cynical laugh)
Now in this era, there are more opportunity and more information out there that can educate young people to buy a new house.
It means you will be able to make a smart move than the rest of us. You just need to research and read more.
The more knowledge you gain, the chances of making those mistakes will be way low.
Okay, let’s talk about the Benefit For First Time Home Buyer.

1. You’re Young.
There are Pro and Con of being young when buying your 1st home.
The Pro about buying a house when you’re young is the loan tenure can be stretch to maximum, 35 years. Which is good. It’s mean your monthly installment can be low too. When the installment is low, it will less burden to your monthly household.
Also, when you’re just graduating. You’ve yet accumulated debts like so many of other hardworking people. That’s mean, you have a better and easy chance to get the bank’s approval.
The Con of being young is you have less experience and this means you’re easily get cheated by property agent or seller.
Sometimes, a property agent is your only contact with the seller. There is a good property agent and some are “not so nice” too.
If you meet with a good property agent, it’s a treasure. You rarely meet one that is kind and willing to fulfill all your request.
If you happen to meet with “not so nice” agent, it’s can be a headache process.
He will just say NO to almost all the request.
One of the thing that they normally do is stripping your right of appointing your own lawyer.
Which all of us know that a Purchaser always can appoint their own lawyer.
The Property agent or Seller do not have the right to stop this.
If they do, you can complain about them to the Property Agency or Tribunal Court.
Whenever I heard about this story from my client. I feel disgusted with such behavior.
A seller can always appoint his/her own lawyer and Purchaser can appoint her/his own lawyer.
There is only one reason why a seller wants the purchaser to appoint their own lawyer – This is because the seller doesn’t need to pay expensive lawyer fees.
By appointing other lawyers, not the same as purchaser, a seller will need to pay way higher price lawyer fees and it’s such a bummer to the Seller.
Hence, sometimes this lawyer recommended was actually Property agent lawyer, and the agent will say it’s a seller lawyer.
Why?
Because they are earning a token of appreciation from the lawyer. The way they sell it, it’s Seller’s lawyer.
From my vast experience, the lawyer recommended by agents normally doesn’t hit the par. Because it was measured by how many tokens of appreciation was given not by performance.
Our advice, if you don’t have a lawyer. Try going with your bank’s panel lawyer firm.
Bank has a strict measurement to become their panel lawyer. A reliable and dependable lawyer firm has many panels ship with the banks.
But of course, it’s a plus if you know the lawyer firm personally too.
Or you can go with your friends or family’s recommendation.
And if you don’t mind, our panel law firm also amazing too!
Let’s us know if you need us to introduce you!
Now, you know what to do when the Property Agent or Seller stop you from appointing your own lawyer. Just said, No!

2. Stamp Duty Exemption
Yeah, this is great! I don’t get this exemption when first time buying my house. How lucky you are! Go and use this.
You can save maximum up to RM6500. Let me break it down for you.
For Sale and Purchase Stamp duty :
For the first RM300,000 – RM5000 Stamp duty
For the Loan Agreement Stamp Duty:
For the first RM300,000 – RM1500 Stamp Duty
So, total RM5000 + RM1500 = RM6500
If you want to know more about this stamp duty remission order, click here. I have a whole article about it. (https://malaysiahousingloan.net/calculate-stamp-duty/)

3. First Time House Buyer Project
Okay, this is BIG! I never see any scale, these big that government initiate for first-time house buyer.
Do you know, how many project and programme that the state and the federal government have introduced for the last couple of years for you to own a house? It’s a lot.
Before buying any subsale house or from any developers, you should go and check out or try your luck with these government projects.
Who knows, you might find some gems there?
1. Pr1Ma Project
https://www.pr1ma.my/
2. Rumawip
https://rumawip.kwp.gov.my/
3. Rumah Selangorku
http://lphs.selangor.gov.my/
4. My Home
https://sprn.kpkt.gov.my/info/myhome
5. PPA1M ( Rumah Untuk Pejawat Awam)
https://www.ppa1m.gov.my/

4.My First Home Scheme
Okay, I put this as the last point because I’m not a fan to recommend this Scheme to anyone unless you really need it.
My First Home Scheme was first introduced in the Year 2011 and since then not many applications were approved under the scheme.
More rejection than approval because of the strict criteria.
An applicant is able to get up to 100% loan under the scheme. But, all the legal fees will be paid by the applicant without allowing it to be financed.
And some seller or developer will not agree with the scheme. They will still require the applicant to put down the 10% deposit first and will refund it later once the bank has released the money.

But, anyway if you want to know more about the scheme you can click the link below.
Read more here:
http://www.srp.com.my/docs/html/fea_n_cri.html

I hope these 4 pointers can help you find that amazing first house you’re aiming!
Good Luck!

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