Property Purchase Estimated Costs

Sumber:fortunesense.blogspot.com/2009/09/property-purchase-estimated-costs.html
Do you know how much do you need to pay when you purchase a property besides from the normal 10% down payment of the property price?

The cost that needs to be made into consideration consists of

1) Sales and Purchase Agreement charges
2) Bank Loan Agreement charges
3) Memorandum of Transfer charges

Below is the example of the above charges for purchasing a property worth RM 600, 000 and apply for a RM540, 000 loans without the Mortgage Reducing Term Assurance (MRTA).


1) Sales & Purchase Agreement (S&P) calculation
Rate(%) Property Price Total Payment
First 150,000 1.00 150,000.00 1,500.00
Next 850,000 0.70 450,000.00 3,150.00
Next 2,000,000 0.60 0.00
Next 2,000,000 0.50 0.00
Next 2,500,000 0.40 0.00
Exceed 7,500,000 0.30 0.00

Property Price 600,000.00
Legal Fee 4,650.00
5% Service Tax 232.5
Estimated Disbursement Fees 1,000.00
(1)
Total S&P Amount 5,882.50




2) Loan Facility Agreement & Execution of Loan Document Calculation
Rate(%) Mortgage Amount Total Payment
First 150,000 1.00 150,000.00 1,500.00
Next 850,000 0.70 390,000.00 2,730.00
Next 2,000,000 0.60 0.00
Next 2,000,000 0.50 0.00
Next 2,500,000 0.40 0.00
Exceed 7,500,000 0.30 0.00

Loan Amount 540,000.00
Legal Fee 4,230.00
5% Service Tax 211.5
Estimated Disbursement Fees 1000




Rate(%) Mortgage Amount Total Payment
Total loan facility amount 0.50 540,000.00 2,700.00
Stamp Duty 2,700.00
(2)
Total Bank Loan Agreement Amount 8,141.50




Memorandum of Transfer (MOT)
Rate(%) Property Price Total Payment
First 100,000 1.00 100,000.00 1,000.00
Next 400,000 2.00 400,000.00 8,000.00
Exceed 500,000 3.00 100,000.00 3,000.00

Property Price 600,000.00
Stamp Duty 12,000.00
(3)
Total MOT Amount 12,000.00








Total (1) + (2) + (3) 26,024.00
10% Downpayment 60,000.00
MRTA 0


Grand Total 86,024.00

Hence, besides from the 10% percent down payment of the property price, do not neglect the legal fees, bank loan related fees and the Memorandum of Transfer fees.


Do have a check whether the above calculation is correct and do points out any miss out items.