46 Properties In KL And Selangor You Can Buy With A Salary Of RM3,000

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Buying a house is an important goal many strive towards. But as the standard of living increases, so do housing prices. Many Malaysians are left wondering if they’ll ever be able to afford a property of their own.

This is especially worrying in urban areas like Kuala Lumpur (KL) and Selangor, where the starting salary sits around RM2,000 to RM3,000, despite the steep price tags of properties in the area.

One can’t help but wonder: “Where am I going to find a property that fits my budget?”

Median Salary And House Prices In Malaysia For 2020

According to the 2020 Salaries & Wages Survey Report by the Department of Statistics, the median salary of Malaysians in KL and Selangor sit at just RM3,037 and RM2,725 respectively.

In contrast, the 2020 median price for terraced houses in KL was RM756,500, and RM538,000 for apartments. In Selangor, the median price for terraced houses and apartments were RM521,550 and RM300,000 respectively.

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Median Salary And House Prices In Malaysia For 2020

Area

Median Salary in 2020

Median terraced house price in 2020

Median apartment price in 2020

Malaysia

RM2,062

-

-

Kuala Lumpur

RM3,037

RM756,500

RM538,000

Selangor

RM2,725

RM521,550

RM300,000

Penang

RM2,082

RM470,000

RM446,500

Johor

RM2,124

RM380,000

RM322,500

Kedah

RM1,474

RM230,000

RM218,000

Kelantan

RM1,343

RM220,000

RM180,000

Labuan

RM3,717

RM380,000

RM230,000

Melaka

RM2,120

RM208,000

RM190,000

Negeri Sembilan

RM2,062

RM249,000

RM110,000

Pahang

RM1,753

RM240,000

RM310,000

Perak

RM1,629

RM268,000

RM330,000

Perlis

RM1,571

RM210,000

-

Putrajaya

RM2,130

RM752,500

RM400,000

Sabah

RM1,716

RM350,000

RM290,000

Sarawak

RM1,593

RM330,000

RM417,000

Terengganu

RM1,911

RM240,000

RM332,500

Source: Department of Statistics Malaysia (DOSM), National Property Information Centre (NAPIC)

How Much Home Loan Can I Get With A Monthly Salary Of RM3000 In Malaysia?

Suppose you want to buy a house in KL or Selangor (major hotspots, we know!), but your monthly salary is only around RM3,000.

What options do you have, and how much loan can you borrow from the bank? To find out the answers to these questions, we first assume:

  • Your gross monthly income is RM3,000

  • Your monthly living expenses are 30% of your net income

  • You don’t have any financial burdens such as car loans, rent, or credit card debts

  • You plan to use 70% of your net income for the repayment

  • You want to borrow 90% from the bank, and you can afford the 10% down payment

  • The interest on the mortgage you applied for is 3.5% and the repayment period is 35 years

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We’ll use the following formula to calculate it for you:

RM3,000 (gross income) - 20% (EPF, SOCSO and PCB) = RM2,400 (net income)
RM2,400 (net income) - 30% (living expenses) = RM1,680 (property budget)

After deducting 20% for EPF, SOCSO and PCB from your gross monthly income of M3,000, you’re left with a net income of RM2,400.

Say you need 30% of your net income for living expenses, that will leave you with 70%, or RM1,680 for your new home. So, how much loan can RM1,680 get you?

According to PropertyGuru's Housing Loan Repayment Calculator, a RM400,000 total loan amount with 3.5% interest rate and repayment period of 35 years will put your monthly repayments at RM1,653.

So there you have it: With your budget of RM1,680 for the property, a home loan worth RM400,000 is just what you can afford!

Assuming that the down payment is 10% (RM40,000), that would mean you can afford a property priced around RM440,000 with your RM3,000 salary.

What kind of property can be bought in KL and Selangor with a budget of just RM440,000? Let’s use the property search function on our website to find something suitable at this price.

What Properties Can I Buy In Kuala Lumpur With A Monthly Salary Of RM3,000?

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According to the PropertyGuru website as of 19th Aug 2021, RM440,000 allows a buyer to purchase these 17 high-rise projects below.

Many of these are new projects, situated in prime hotspots such as Jalan Ipoh, Sentul and Bangsar South close to KLCC. Others are situated in mature areas like Cheras, Old Klang Road and Sri Petaling.

Owing to the fact that there are all these new properties, buyers can also enjoy additional benefits from the developers.

These include free stamp duty, free SPA legal fees and cash rebates. Some of the projects are also under the Home Ownership Campaign (HOC), which may provide you with even MORE benefits!

It’s worth noting that the high-rise projects in KL below are all within 1,000 sq ft, which may make them more suitable for singles, couples, and small families.

If you’ve just started working and are looking for a place to call your own, these projects might be right up your alley!

17 high-rise projects in Kuala Lumpur under RM440,000*

Project Name

Area

Rooms

Built-up

Tenure

Price

216 Residences

Kuchai Lama

2

658 sq ft

Leasehold

RM300,000

J. Satine

Setapak

3

800 sq ft

Leasehold

RM300,000

Ritz Communities

Salak South

3

800 sq ft

Leasehold

RM300,000

SkyAwani 3 Residence @ Sentul

Setapak

3

800 sq ft

Leasehold

RM300,000

SkyAwani V Residence @ Sentul

Sentul

3

800 sq ft

Leasehold

RM300,000

Vista Sentul Residences

Sentul

2

689 sq ft

Freehold

RM329,800

The Birch

Jalan Ipoh

2

611 sq ft

Freehold

RM348,000

BLISS @ Old Klang Road

Old Klang Road

2

696 sq ft

Freehold

RM378,600

M Arisa

Sentul

1

550 sq ft

Freehold

RM380,000

South Link

Bangsar South

1

452 sq ft

Freehold

RM397,300

M Astra @ Setapak

Setapak

3

850 sq ft

Leasehold

RM399,000

Residensi Far East @ Kuchai Lama

Taman Salak Selatan

2

657 sq ft

Leasehold

RM400,000

Quinn

Wangsa Maju

1

538 sq ft

Leasehold

RM417,800

Aster Green Residence

Sri Petaling

1

657 sq ft

Freehold

RM423,800

Platinum Teratai Residence

Setapak

3

928 sq ft

Freehold

RM423,800

The Valleys @ SkySierra

Setiawangsa

3

800 sq ft

Leasehold

RM430,000

PIXEL City Sentral

Cheras

4

982 sq ft

Leasehold

RM430,500

*Note: Data and prices as of 19th Aug 2021, and are not including affordable housing plans
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What Properties Can I Buy In Selangor With A Monthly Salary Of RM3,000?

The good news is that Selangor has more land and is less congested than KL, so you’ve got more options in terms of what properties you can afford!

As of 19th Aug 2021, our website shows that a RM3,000 income earner with a budget of RM440,000 can choose from 7 new townhouses/terraced houses and 22 new high-rise projects!

Like the 19 high-rise projects in KL above, these are all brand-new projects, with some of them being HOC projects too.

In terms of location, most of the landed projects are located in Puncak Alam, Bangi and Dengkil. The high-rise projects on the other hand, are located in more diverse areas, distributed in Cheras, Kajang, Subang Jaya and Petaling Jaya.

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7 new landed projects in Selangor priced below RM440,000*

Landed project name

Area

Type

Built-up

Tenure

Price

Mawar Gardens

Bukit Beruntung

Double-storey terraced house

1,792 sq ft

Freehold

RM298,000

Simfoni Perdana & Irama Perdana @ LBS Alam Perdana

Puncak Alam

Townhouse

1,191 sq ft

Leasehold

RM368,000

Taman Adenium - Phase 6

Bukit Beruntung

Double-storey terraced house

2,300 sq ft

Freehold

RM390,600

Regent Garden Co-Home @ Eco Grandeur

Puncak Alam

Townhouse

1,001 - 1,033 sq ft

Leasehold

RM395,000

Casabayu

Dengkil

Townhouse

926 sq ft

Leasehold

RM399,714

Residensi Lambaian Dua

Bangi

Townhouse

1,283 - 1,418 sq ft

Freehold

RM411,200

Puteri Daffina 3

Batang Berjuntai

Double-storey terraced house

2,066 sq ft

Leasehold

RM413,600

*Note: Data and prices as of 19th Aug 2021, and are not including affordable housing plans

22 new high-rise projects in Selangor priced below RM440,000*

High-rise project name

Area

Rooms

Built-up

Tenure

Price

Canopy Hills

Kajang

2

590 sq ft

Freehold

RM230,000

LBS Skylake Residence

Puchong

1

545 sq ft

Leasehold

RM250,000

Berkeley Uptown

Klang

1

591 sq ft

Freehold

RM270,000

Traders Garden @ Cheras Selatan

Cheras

1

552 sq ft

Leasehold

RM270,000

Perdana Park @ Rawang

Rawang

3

850 sq ft

Leasehold

RM290,000

SouthPlace Residences @ Tropicana Metropark

Subang Jaya

Studio

500 sq ft

Freehold

RM318,000

E'Island Lake Haven @ Puchong

Puchong

3

1,073 sq ft

Leasehold

RM330,000

DK Impian

Denai Alam

2

592 sq ft

Leasehold

RM347,000

Aman 1 - Tropicana Urban Homes

Telok Panglima Garang

3

1,000 sq ft

Leasehold

RM350,000

Danau Perintis @ Shah Alam 2

Shah Alam

3

889 sq ft

Leasehold

RM350,000

Maya Bay Residences @ Gamuda COVE

Banting

2

688 sq ft

Leasehold

RM350,000

Nido Gardens

Rawang

3

1,163 sq ft

Freehold

RM350,000

Residensi Sutera 7

Kajang

2

872 sq ft

Freehold

RM360,720

Aera Residence

Petaling Jaya

2

718 sq ft

Leasehold

RM380,000

YOU CITY 3

Cheras

2

678 sq ft

Freehold

RM380,000

Plaza @ Kelana Jaya

Petaling Jaya

2

450 sq ft

Freehold

RM388,000

Duduk Se. Ruang @ Eco Sanctuary

Telok Panglima Garang

3

1,000 sq ft

Leasehold

RM393,000

Nexus @ Kajang Station (Tower B)

Kajang

3

1,000 sq ft

Freehold

RM405,000

Trio by Setia @ Bandar Bukit Tinggi Klang

Klang

1

624 sq ft

Freehold

RM412,000

Dian Residency @ Shah Alam

Shah Alam

3

810 sq ft

Leasehold

RM415,200

The Zizz

Damansara Damai

3

850 sq ft

Leasehold

RM420,000

Tropicana Gardens - SOFO & Serviced Residences

Petaling Jaya

1

450 - 850 sq ft

Leasehold

RM438,000

*Note: Data and prices as of 19th Aug 2021, and are not including affordable housing plans

Never Buy A House Outside Of Your Financial Affordability

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Using 70% of your net income for your home loan repayments alone is something we at PropertyGuru certainly advise against.

This is because it’s important to set aside some of your income every month for your emergency fund too.

Buying a property also comes with a whole host of other hidden costs, which can really add up:

If your income barely covers the home loan repayments alone, it’s likely you won’t be able to afford all the other associated expenses. You may be able to buy the house, but not afford it!

Below are three disadvantages why using a significantly high portion of your income for your property purchase may not be such a good idea:

1) Inability to save for your emergency fund

When a crisis hits or you find yourself suddenly retrenched, you won’t have sufficient funds set aside to continue paying off your home loan. Your house may get auctioned off, or worst – you’ll be facing bankruptcy.

2) Forced to sacrifice quality of life

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Allocating such a big cut of your salary to your home loan means you severely restrict other areas in your life. Starting a business or getting a new car are all off the table. You might also have to give up travel and other leisurely activities.

3) May affect your future career development

In the event that you switch jobs in the future, you might want to find a place near your job to cut down on commute time. Having your money locked up in your home loan may affect your career development by limiting your opportunities.

So, What Properties Can I Afford With A RM3,000 Salary?

In general, it’s advisable that your home loan repayments don’t exceed 30 to 40% of your net income.

From the example above where we used a salary of RM3,000, 40% of your net income (RM1,680) minus all living expenses is RM672.

Based on this RM672 budget, it’s advisable that you buy a property around RM180,000. This is assuming that your home loan has:

  • An interest rate of 3.5%

  • Repayment period of 35 years

  • 10% down payment at RM18,000

  • Total home loan of RM162,000

We get it. RM180,000 is barely enough to buy a property, let alone in KL or Selangor. But it’s not impossible! With a little digging, you’ll be able to hunt down small apartment units priced at RM180,000 or below.

To help you afford a home of your own, there are also various government initiatives for keen homebuyers that bring home a salary of RM3,000 or below:

The properties under these affordable housing initiatives offer projects much lower than market rates, with some even offering attractive Rent-To-Own (RTO) schemes.

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Don’t Rush Into Your Home Buying Journey!

Buying a property is often mentioned as a method for accumulating wealth, and being able to realise your dream of becoming a homeowner is no doubt an exciting achievement.

Despite that, stretching beyond your means will only leave you in financial difficulties for decades to come. So, if you can’t afford one, consider temporarily putting your home buying plans on hold!

Instead, focus your efforts on building up your income and purchasing power so you can be better prepared to buy your first home.

In the meantime, you can also work on enriching your property knowledge, getting familiar with your DSR, CCRIS and CTOS scores, as well as saving up for your down payment.

Remember, there’s no deadline to home ownership!

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