Home Loan For Foreigners
If you’re a foreigner looking to purchase a home in Malaysia, then it’s safe to assume the goal is for you to live there on a full time basis right? Well in order to do this you need to be aware of any and all programs for foreigners that might make it easier to do this. One such program is the MM2H program otherwise known as Malaysia My Second Home. The MM2H program is available to people residing in virtually all countries, but it does come with several requirements in order to qualify. Here’s the short list:
- You’ll need to make sure you meet the minimum monthly income requirements.
- You’ll need to provide proof of any and all assets you have that are liquid.
- You’ll be required to provide a fixed deposit.
Once again this is a short list, but if you meet the above criteria, then you shouldn’t have any problems qualifying for the program.
In the past you were required to make use of an approved government agent if you were applying, but this contingency was removed. If you do decide you want to make use of an agent though, then you’ll need to make sure they are properly authorized by the proper agencies. In Malaysia this would be the Ministry of Tourism. Such agents would be from companies that have the “MM2H” initials on the company name.
What are the benefits of deciding to use an agent versus trying to go about the process on your own?
Well if the goal is to save time and get to Malaysia as soon as possible, then an agent can be very valuable in helping to speed things up. If you go through an approved agent in order to get into the MM2H program, then you can put in the first initial application without having to come to the country. The only time you would have to be in the country was once the “Conditional Approval” letter was issued and at this point you’d have to finish the completing the conditions and get your visa.
In order to qualify for this program you’re going to need a Malaysian to sponsor you on your application. Don’t worry, because this doesn’t mean you have to know someone in the country personally in order to qualify. The best way to meet this requirement would be to use an agent, because then they would qualify as being your sponsor. Any foreigner wishing to apply will need to pay a personal bond of up to RM2000 before they can get their visa. If they use an agent, then the agent will have to place the personal bond on behalf of the applicant.
Are there any restrictions on what a foreigner can purchase in terms of properties once they were in the program?
Once you’ve been accepted into the MM2H program you now have the ability to purchase as many properties as you want. Understand though that there is a minimum amount you’d have to pay for the properties and this might vary from state to state.
No matter where you’d make your purchase it must get the approval of the state authorities. There is one last restriction as well. Foreigners aren’t allowed to purchase certain forms of properties in Malaysia. There are several reasons for this, but certain properties can’t be purchased by foreigners. An example would include properties on certain land.
The MM2H program is very useful to foreigners and it gives them the ability to reside in the country without worry or many restrictions. There are several other important factors you need to know about this program before applying just to make sure it’s right for you. In some cases there might be other options available.