Guideline on State Consent Penang Malaysia
Important information / guide for Expatriate / Foreigners buying a property in Malaysia
1) All foreigners intending to purchase a property in Malaysia needs to obtain the consent from the respective state of which the property is situated before the purchase is considered valid and lawful. Once the consent is granted the property bought cannot be transfer or disposed for at least three (3) years from the date of the consent.
2) New ruling for foreigners buying property in
Malaysia : From January 2010 the
value purchased has to be RM500,000 or above for State Consent. The approval will generally take
approximately 1-2 months. (But if you are under Malaysia MM2H status, then
the minimum limit is RM250,000-00 subject to state approval)
3) Local financing / bank loan is available up to 70% for non-Malaysian from most local
banks.
In most cases, your solicitor would submit all applications on your behalf. (Or if you prefer we can refer a solicitor to you who will take care of all the necessary including financing, state consent, (MM2H if required), etc. The time needed for the state approval may varied, thus it is advisable to consult your lawyer for the timeframe required for completion.
The following particulars are necessary for the preparation of legal
documentations :
1. Copy of passport(s) - owner and co-owner(s), if any
2. Correspondence address
3. Contact - house telephone no., mobile no., fax no., office no.,
e-mail address
Should the need arises, we can also assist to recommend you some of the bankers
and solicitors that have been liaising with us on the sale & purchase matters.
Once the agreements are ready for signing, the solicitors will either courier or
e-mail to you for signing and at your convenience. If you wish us to assist
arrange a banker or a lawyer to contact you email us your enquiry.
Other value added services we provide ( Free at no extra charges)
Connection of electric and water when you acquire vacant possession of your
dream home
Installation of Astro Cable TV service ( Free house service call by Astra agent)
Assist in setting up broadband and internet account (TELECOM)
Assist in opening a local bank account in Malaysia
BUYING PROPERTY IN MALAYSIA - HOW CAN WE ASSIST YOU TODAY?
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