Mid-Year Roundup: Top 8 Reads In The Past 6 Months!
It feels only fitting to say that time passes in the blink of an eye. Before we know it, we’ve stepped into Q3 2022, waving goodbye to the months before and hello to adventures right around the corner.
As we embark on new experiences and events, let’s take a walk down memory lane and look at the top eight articles our readers have read – and loved! – in the past six months.
Don’t worry if you’ve missed out on one or two because this is your perfect chance to catch up and stay in the loop.
No matter where you are in your property journey, PropertyGuru is here to help with all the ins and outs and A-Zs – whether you’re looking for property, buying, selling, renting, or just curiosity at work!
1) Tenancy Agreement in Malaysia: Complete Guide and Sample Download
A tenancy agreement is the most crucial document to officiate the rental of a property between two parties. While it seems simple, there are some things tenants and landlords should know before signing their names on the dotted line, for example, the deposits to be paid, clauses of the agreement, and the responsibilities of each party.
2) Stamp Duty in Malaysia: Everything You Need to Know!
Essentially, stamp duty applies to legal documents related to property transactions. Different tier charges depend on the property price or loan agreement, but this is for sure: it’s compulsory. Fortunately, some occasions may warrant a stamp duty exemption, like home ownership campaigns and first-time homeowners, so keep your eyes peeled!
3) 3 Types of Homeownership Costs in Malaysia: Quit Rent, Parcel Rent, And Assessment Rates
Being a homeowner is more than just paying your mortgage, utility bills, and instalments. It also involves quit rent, parcel rent, and assessment rates which are a legal obligation in Malaysia. The keyword here is legal as failure to pay will result in a financial penalty, and no one can escape from these three fees.
4) Rental Income Tax Malaysia, And Other Tax Reliefs For YA 2021!
We know you were Googling ‘income tax relief’ during tax filing season, so good job for filing it on time! Many may not know that rental income is taxable, and the progressive tax rate is between 0% to 30%. The good news, though, is that certain expenses can be deducted from said income like property repairs, assessment tax, and quit rent.
5) DSR: Here’s How to Calculate Your Debt Service Ratio in Malaysia!
Loan approved? It all depends on your DSR. Practised by banks to see if you can afford the loan you’re applying for, each bank has its own requirements. Late repayments and shady financial history are just some factors that can affect your DSR, so ensure your finances are all in check and stable before you apply for better chances at approval.
6) Memorandum of Transfer (MOT) and 4 Important Documents In Malaysia
Some consider the MOT the highlight of the property buying procedure because it’s when the Land Title is officially transferred from the developer or previous owner to you! Before you celebrate, make sure you’re up to date with the financial transactions required for it and that you’ve done all your calculations and paperwork.
7) SPA, Stamp Duty Malaysia, And Legal Fees For Property Purchase
You can’t buy a home without paying attention to the Sale and Purchase Agreement, Stamp Duty Fees, and Legal Fees. The amount to pay is determined by the price of the property you’re buying, but remember to include the down payment and agent’s fees too for a more accurate calculation of expenses.
8) The Complete Guide to MRTA, MLTA, MRTT, and MLTT in Malaysia
Precious things need to be protected – your life, your car, and even your home. When you buy a home, mortgage insurance is an absolute necessity. A type of life insurance coverage, you can select a mortgage that reduces throughout the term of your plan, stays level during your plan term, or even abides by Islamic finance principles.
It’s been an interesting year for the Malaysian property sector as it rises steadily post-COVID with new developments and projects to look forward to. The property journey is never easy, but undoubtedly one that marks life’s milestones and achievements. With PropertyGuru as your sidekick, here’s to smooth-sailing property adventures together!
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