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MM2H MORTGAGE /LOAN Property & Loan

How can I get a mortgage in Malaysia as a foreigner?
Getting a mortgage in Malaysia is a little more difficult now than it was before the global financial crisis. However, if you’re in a decent financial position, banks are likely to want to work with you - and participants on the MM2H scheme are especially well served.

Paperwork (documentation)
The exact paperwork you'll need will depend on the bank you use. However, you can expect to be asked for the following:

  • Copies of your personal identification documents (passport)
  • Proof of legal residence in Malaysia
  • Documents to support your application and prove you have enough money to service the loan (usually proof of your wages or a letter from your employer)
You can usually get an offer in principle (pre-approval) on the basis of the above documents. Once you have found the property you want to buy, you’ll have to hand over more paperwork including the Sale and Purchase Agreement and a copy of the deeds to the property.

You might find that you need to have your documents translated by a sworn translator in order for the bank to accept them, depending on their original language.

When you arrange a mortgage, whether you choose to do so in Malaysia or in your home country, you’re likely to have fees to pay such as administrative fees and legal costs. Your mortgage provider might also insist that you have a survey done on the property you're buying, to make sure the construction is sound and that the price you’re paying is fair. The exact costs will vary depending on your circumstances.

In Malaysia, when purchasing a property, you can also expect to pay the following fees:

  • Stamp duty, which is banded at between 1% and 3% of the property value, depending on the price you’re paying
  • Legal fees (including transfer of title)
  • Some mortgage products have ongoing commitment or admin fees, or require you to commit to mortgage life insurance as a mandatory requirement
1) SPA Legal Fee & Loan Agreement Legal Fee
Property Value / Loan Amount
1st RM150,000                                                   -1.00%
Next RM850,000                                                -0.70%
Next RM2,000,000                                             -0.60%
Next RM2,000,000                                             -0.50%
Next RM2,000,000                                            -0.40%
Over RM7,500,000                                            (negotiable) >0.40%

First RM 100,000                     = 1%
RM 100,001-500,000              = 2%
RM 500,001 – RM1,000,000   = 3%
RM1,000,001 and above           = 4%
RPGT info

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