Hello.
1. With RM10K per month salary you may only buy a property up to RM800K in value depending on your other credit card and loan commitments and loan to value ratio.
2. In an established zone of Selangor (including Petaling Jaya) a foreigner can only purchase strata titled homes (eg. condominiums) above RM2 million in value.
3. You may consider buying a home in Kuala Lumpur as a foreigner can buy both condominium and houses with land above RM1 million in value. The properties at TTDI, Mont Kiara and Bangsar are good options as there are located bordering or near Petaling Jaya.
4. Besides the borrower's credibility to repay the loan, banks will also need to qualify the market value and the price sustainability of the property purchased. The local and foreign banks in Malaysia are equipped to assess the property value etc whereas a foreign bank (though having lower interest rate) may not be able to do so hence it will be difficult to borrow from a bank overseas. Some foreign banks in Malaysia eg. Citibank, OCBC may be able to work out the inter bank facilities with their overseas branch.
5. A Malaysian wife is allowed to solely purchase most type of properties in Selangor and Kuala Lumpur and exempted from the foreigners purchase threshold. If you are thinking of buying at RM500k or below in Petaling Jaya, you may not get a reasonable size and quality home as the better properties in Petaling Jaya are priced more than RM700K and above.
6. Your wife's income must be able to substantiate the loan amount otherwise you will need to be the joint borrower. The margin of loan for a foreigner is most likely 60% to 70% loan to value ratio at most.
7. Your RM100,000 is probably able to cover lawyer fees (for both SPA and Loan Agreement) and stamp duty only. You will still need to have enough savings for the loan to value shortfall.
Hope the above helps you understand better before buying your property.
Should you need further assistance to identify suitable prope
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