TALKING POINTS /// 43
I HAVE A STEADY JOB THAT PAYS ME RM3,000 A MONTH , AM I READY FOR HOME PURCHASE ?
By Gunaprasath Bupalan
Are you actually ready to leap ?
So , you have been working for a year now and you have gotten yourself in a comfortable position where you draw RM3,000 a month in salary . You have recently taken a hire-purchase loan for a small car to get you to work and you are currently renting a house at a decent rate . At this moment in time , you are considering if your next step in life should be to purchase a home . You feel ready for this commitment … but are you really ?
I don ’ t mean to burst your bubble , but maybe this article may help you understand the property market a little better . Assuming you are taking home a salary of RM3,000 a month ( after deductions ), and a car loan of RM700 a month is your only fixed expense ( let ’ s forget the rental aspect because if you purchase a house , you no longer need to pay rent ), you would be left with RM2300 to play with . A decent house purchase at this point in time , somewhere that is relatively close to the city centre would cost between RM300,000 ( if you are lucky ) to RM800,000 and upwards for more exclusive property .
Now , again assuming that you are lucky enough to find that house with a RM300,000 price tag , you would need RM30,000 as down payment ( if you are able to secure a 90 % loan ). Your additional fees such as MOT and stamp duties would probably cost you another RM10,000 ( roughly ). Now , your loan amount that you would be taking would amount to RM270,000 ( That is
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