Freehold Biz Best Local American Classifieds Directory Classified Ads

Freehold Biz Best Local American Classifieds Directory Classified Ads


What are classified directories
A classified directory is a generalised subject listing of web resources. A directory differs from a search engine in that a human being has been involved in selecting the resources that appear within the directory. This element of human intervention means that a level of quality control has been applied. The resources are then classified and some type of record is created, similar to a catalogue record in a library catalogue.

1. Deposit
A home deposit is a down payment of 10% of the total purchase price of a property. This payment is a signal of your commitment to complete the purchase.

2. Price per square foot (psf)
Real estate is usually measured in square feet. Therefore, the value of the property is determined based on the price per square foot. Real estate hunters can use a square foot to make comparisons between prices and different house sizes.

3. Loans
Loans from banks can help you buy real estate. Many banks offer home loans up to 90% of the total real estate purchase price but that depends on your financial strength. There are several types of loans that you can choose such as fixed loans (fixed loans), semi-flexible loans (semi-flexi loans) and variable loans (flexi loans).

4. Credit score
Your credit score informs the bank whether you will repay your loan. Banks and financial institutions use these credit scores as indicators before they determine your eligibility for a loan, the interest rate to be charged and your credit limit. Each bank has its own method of assessing your credit score. Therefore, the chances for you to get a loan approval are also definitely different.

5. Debt financing ratio (DSR)
Debt financing ratio (DSR) is the ratio of total debt to household income. Banks use DSR as an indicator of the amount of income you use to pay off debts or meet financial commitments. If you want to own a home, your DSR can usually not exceed 70% of your total commitment but it is all subject to the relevant bank or financial institution. The formula for DSR is DSR = Debt / Net Income x 100%.

6. Sale and Purchase Agreement (SPA)
A Sale and Purchase Agreement (SPA) is a written contract that represents the seller and buyer in a real estate transaction. It contains all the terms and conditions agreed upon and binds both parties during the transaction. This is done through a lawyer who will explain the terms of the contract to you. Before signing the SPA, make sure you read and understand all the terms in the document as you will be bound after signing it.

7. Stamp duty
Stamp duty is the tax imposed on valid documents such as loan agreements, sales, transfers and other real estate transactions. This includes stamp duty for your property SPA as well as a Transfer Memorandum (MOT). The stamp duty rate charged depends on the property price.

8. Assessment fees
This is the fee charged by the bank to determine the value of the property you are buying. This assessment will be done by a qualified appraiser and this process is required by the bank before approving a housing loan. Valuation fees are calculated based on a certain percentage of the purchase price.

9. Legal fees
You need to appoint a lawyer to get legal assistance during the real estate purchase process. The lawyer will provide all the necessary agreements and documents in the transfer of property. The legal fees charged range from 0.25% to 1%, depending on the value of the property and are calculated according to the percentage of the purchase price.

10. MRTA and MLTA
These are the types of insurance required by the bank and are part of your housing loan package. It aims to protect the value of real estate. Decreased Mortgage Term Insurance (MRTA) depends on the age of the borrower and the amount of the loan to purchase the property. Horizontal Mortgage Term Insurance (MLTA) offers repayment of outstanding loan balances and guaranteed cash value at the end of the scheme. Read more about loan life insurance here.

11. Tax holdings
The lease term is usually 30, 60, 99 or in some cases 999 years. Land leased or leased from the government. This also means that homeowners need to renew the lease term before it expires. This requires a premium, depending on the type of property. Transfer of ownership can take a long time because leasehold properties usually have many limitations.

12. Freehold
The period of ownership for the holding property remains unlimited. Land ownership is in the form of master property. This means that the property transfer process is much easier without many obstacles.

13. Strata property rights
Strata ownership is often issued for high-rise properties


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