Guideline on State Consent Penang 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. After three years, you can
sell to anyone.
2) State ruling for foreigner property purchaser : Requirement by Penang state consent. The Government has raised the minimum floor prices of property foreigners are allowed to buy to RM1million from the previous RM500,000. These revised guidelines enforced in July 2012, means that foreigners will only be allowed to buy properties priced above RM1million. Read more >> Malaysian Property News. MM2H participants can buy up to 2 units below RM500,000 with good reason & letter of support from the Tourism Ministry.
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
1. Copy of passport(s) - owner and co-owner(s), if any
2. Correspondence address
3. Contact - house telephone no., mobile 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.
View other related topics
Standard procedures for buying property in Malaysia
Guide for Condominium and Apartment Buying in Penang Malaysia
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Choosing a property estate agent in Malaysia
Malaysia Penang Property Homepage