Purchasing property in malaysia while working at Singapore?

 

Purchasing property in malaysia while working at Singapore?

 

Still Malaysian

How to apply for housing loan if you are working at Singapore but still remains a citizen of Malaysia?

Well, basically it’s almost the same thing as normal Malaysian applying loan in Malaysia. If you work at Singapore or any foreign countries, just provide additional documents to the banker as below:

  • Employment letter offer
  • Passport
  • Work permit
  • Notice of assessment (depends, if you provide this, you don’t need to provide salary slips document to the banker, however each bank varies in terms of their docs requirement)

 

Practically you are still a Malaysian, hence not much fuzz regarding your application will come from the bank.

You will still be eligible for 90% margin of finance for 2 housing loan, 70% onwards for 3rd housing loan, 35 years / 70 years old max loan tenure.

 

PR In Singapore

What happens when you leave the lovely country of tropical forest Malaysia and decided becomingPermanent Residence of SINGAPORE?

Yes, you are still allowed to apply loan with the same terms as normal Malaysian. However, bank would need additional docs for you to apply loan:

  • Employment letter offer
  • Passport
  • Work permit
  • Notice of assessment (depends, if you provide this, you don’t need to provide salary slips document to the banker, however

    CBS Credit bureau Singapore document to the bank, as Malaysian bank would consider the debt in Singapore as your debt calculation, hence they need transparency that you are not over geared at Singapore. To mitigate risk of default. (Every bank would need this docs to proceed with the loan, however there’s one bank that doesn’t required such document only)

 

What if I work at foreign country other than Singapore? (Still Malaysian)

Yes you can still apply for loan with all terms the same as normal Malaysian loan financing packages. Usually the documents required as below:

  • IC
  • Passport
  • Work permit
  • 6months bank statements (latest)

    6months pay slips (latest)

  • Job employment offer letter

The docs above will allow you to apply for housing loan.

 

Note

    You have to come back to Malaysia to sign the letter offer, this is KYC (know your customer) by the bank policy to avoid fraud cases.


     

    1. Make sure you have open a saving or current account based on the loan package necessity before you leave the country. Else, you would need to come back again to open the account, for the loan disbursement to finalized.

     

     

    Drop any inquiries at below comment section! 🙂

    Cheers

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