Dear Expat. There are two considerations pertaining to purchasing a property in Malaysia.
1. If the foreigner wants to have his or her name jointly included in the Sale & Purchase Agreement (SPA) with a Malaysian, it will still be considered as a foreigner purchase which will be subjected to the respective State Authority regulations. Foreigners are allowed to purchase both landed and stratified residential properties above RM1 million value in the Federal Territory (commonly referred as Kuala Lumpur). In the neighbouring state of Selangor, foreigners are allowed to purchase stratified residential properties only and not landed. The threshold varies from district to district within Selangor and it is generally above RM2 million in established districts of Selangor.
2. If the sole purchaser is a Malaysian stated in the SPA, the purchaser may jointly borrow from the bank and sign the Loan Agreement, if he or she can proof that they are spouses subject to income assessment and credit score. There is no threshold of the loan amount for foreigners to borrow.
Hope the above gives you clarity. If you need to purchase any property or obtain a bank loan to purchase a property you may contact me, David Wong at
+60193330573
Thank you
David Wong (License No. E2097)
Mobile:
+60193330573
Foreward Realty Sdn Bhd - E(1)1909
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