What are the policies for buying a house in Malaysia? Is it suitable for the elderly to live in Malaysia?

What are the policies for buying a house in Malaysia?

1. Foreigners can apply for loans when buying a house. Generally speaking, they can borrow 70%. Customers with Second Home identity can borrow up to 85%.

2. Foreigners can also have property management in Malaysia, and it has legal effect. Foreign customers who purchase properties in Malaysia only need to purchase property management of more than MYR 500,000 (the new requirement in Penang is MYR 1 million, and for landed houses is MYR 2 million).

3. Foreigners participating in the Second Home Program can purchase houses below MYR 500,000, but companies with more purchase restriction policies must apply.

4. Most foreign buyers can buy two houses. If you want to buy a third home, you need permission from the Foreign Investment Board.

5. Customers are not allowed to sell the house within three years of purchasing the real estate.

6. If the real estate is sold within five years of purchase, the tax rate is 30% of the capital gain; if the property is sold after six years, the tax rate is reduced to 5% of the profit. Steps to buy real estate in Malaysia

Purchasing property management in Malaysia requires hiring a real estate lawyer to help with the sale and purchase. Once it's clear that you're going to buy real estate, you'll need to pay a down payment. Within 14 days, sign the house purchase agreement. Pay in installments according to relevant regulations. The sales contract must be stamped with a clothing stamp and then submitted to the Property Management Pricing Department for verification. The transfer must be registered at the Land Resources Registry. House types that foreigners cannot buy in Malaysia

Foreigners can buy all types of properties from Malaysia, including high-end apartments and integrated garden houses with land resources. They can purchase residential or commercial properties in their own name or in the name of a company. But except for the following real estate: real estate that is less than the maximum purchase price required by the state land resources act, and the requirements for this matter may vary from state to state in the United States; medium and low-cost housing enterprises determined by the district government; real estate that should be built on Malay indigenous reservation areas; The District Government prioritizes Aboriginal interests in all property development projects. Malaysian housing loans

First of all, foreigners can get loans to buy houses in Malaysia. Generally, they can lend 50-70%. Financial institutions determine the loan ratio based on the evaluation of the financial certificates and documents provided by the consumer. . Bank loan interest rates are generally around 4.3--4.4, and during the construction period, certain bank borrowing real estate developers bear the loan interest. Is it suitable for the elderly to live in Malaysia?

Livable living environment

The authoritative foreign lifestyle magazine "International Life" ranked the world's 25 most suitable countries for retirement, and Malaysia ranked seventh in the world. Our country is livable and ranks first in Asia. Malaysia has few floods, political stability, and a greening rate of 70%, of which 58.7% are native forests. Don’t worry about China’s increasingly serious air pollution problem, which is affecting the physical and mental health of the elderly. In Malaysia, there are blue skies, white clouds and grasslands, pure smog-free weather, and the temperature ranges from 21°C to 32°C for a long time. The older generation living here can avoid the severe cold winter in the country.

International Medical Conditions

In the "2019 World Life Retirement Index" released by the American "International Life" magazine, Malaysia ranks among the best health care types in the world. Ranked number one. Malaysia not only has world-class medical effects, convenient and universal medical treatment, but more importantly, competitive prices. 2020 is the year of medical tourism in Malaysia. In the budget, Finance Minister Lim Guan Eng stated that MYR 25 million will be allocated to the Malaysian Medical Tourism Federation to consolidate Malaysia’s influence as the preferred destination for health tourism in ASEAN, especially in the context of malignant diseases. Oncology, heart disease and pregnancy treatment.

Malaysia has a complete basic medical service management system. Whether in cities or rural areas, government departments have set up public clinics to provide local residents with comprehensive health services such as disease treatment, immunity prevention, perinatal care, and health education knowledge. International students in Malaysia and foreign citizens who join the "Second Home" plan can apply for Malaysia's medical insurance plan and receive various benefits from public tertiary hospitals. Daily commercial insurance for hospitalization is fully covered, plus a daily subsidy of more than 100 ringgit.

Barrier-free communication

Malay is the common language in Malaysia; however, due to the fact that Chinese people have immigrated to Malaysia for hundreds of years, nearly one-third of Malaysians are now Chinese. Most of their ancestral homes are located in parts of Fujian, Guangdong, Guangxi and Hainan, so many people can also speak Chinese. Elderly parents don’t need to speak English in Malaysia. We can understand them as long as they speak Chinese. The names of shops and billboards on the street are also written in Chinese. Malaysia is very close to Chinese people, not only because Chinese is everywhere in it, but also because they communicate in Chinese. This place is like another "China" in the world, giving everyone a sense of customer-first intimacy.

Cheap deals

Cheap and good quality are one of the reasons why Malaysia is so popular among retired people around the world. The food is relatively pure and natural, and life here is richer and more leisurely. For example, the current 95-proof gasoline in Malaysia only costs about RMB 3 per liter, hiring a Filipino maid only costs RMB 3,000, and a typical Chinese fast food in a restaurant may only cost RMB 15. up and down. Malaysia and China are both developing countries. Malaysia's average GDP is higher than China's, but its consumption level is indeed more cost-effective than China's. Except for alcohol and tobacco, most things are cheap. It is not a problem to provide food for a week for 300 RMB.