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º£½ÇÂÒÂ×riate buy property under local name wife

ebanderas

I'am going to marry a local women and we are looking for a property to buy. However the minimum amount allowed for a foreigner is above 1million RM which is quite pricy. We are thinking on the possibility of buying lower price property under her name.

My questions are:

There is a way to include my name for a property lower than 1million RM?
Can I apply for a bank loan if the property is not under me?
If not there is some way or legal agreement to add my name in future?

Thanks!

See also

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Gravitas

The answers to you questions are
NO
NO - but
NO - but perhaps if you one day get a PR (those rules have not been published)

The only way to protect your "interest" in the property is to draw up a separate agreement or will stipulating your entitlement to the value of the property e.g. it should be sold on divorce and the proceeds split etc.

Your wife has to apply for the loan in her name if she is going to own the property and have the financial resources to show to get a loan.

The NO - but : means you can apply for an ordinary bank loan in cash and then give the money to your wife for the purchase, but your name will not appear anywhere on the legal documents.

Clarification: Currently the minimum purchase price in most of Selangor by foreigners is RM2 million.

Gravitas

Alongside the above, perhaps you should read this: /forum/viewtopic.php?id=457405

ebanderas

Thanks a lot for all the answers.

Clarification: We are living in Penang and as far as I know the minimum is above 1million RM.

Gravitas

In Penang landed property bought by foreigners has to be RM2 million or above.

MM2H participants can buy 2 @ RM500k though - with good reason and support letter.

It looks like foreigner purchasers also have to put down 30% of the purchase price and can loan only up to 70%.

sherin2188

Hi where do you intend to purchase the property?