Property: Tough Decision Buying a Million Worth of Asset

It is a process that took us a long time to decide. If you are familiar with the value of properties here in Malaysia, prices are simply outrages. Simple terrace in the city could easily be valued for at least 600k.

Mr. Bob and I bought our first home in SK. My dad insisted for us to purchase a property and this is not the most easiest thing to do. We are lacking in saving, we don't earn that much, each month we are drowning with other commitments, car, nanny's, groceries, rental that we could not save our salary. Let alone to fork up a couple of thousand of ringgit to purchase a house. Yikes! So, the old man decided to help us in terms of financial and so we successfully bought a house of our very own. :)

More than 5 years down the road, up to this year, we decided to purchase another property. Somewhere near my work area so that I don't have to travel that far to work each day. The kids a also going to school around this area that we feel it would be a super good idea to do it now. Oh boy, we are in for a treat! Most houses in Cyberjaya area cost more than a million! So, when we stumbled upon a property for RM 800k (3 storey) we quickly made a deposit of 5k and started bank hunting.

Our first big mistake - Approaching only one bank. We went to CIMB and was immediately within 3 days, our application was rejected. Boo hoo! I take this to heart. I couldn't sleep, I couldn't eat properly just because I personally feel that I had failed. So, we canceled our booking.

Hey! I look just like my dad in this photo
Mr. Bob saw that I was quite upset and unhappy about the whole situation that he took me for a ride around Cyberjaya for house hunting. We saw plenty and finally set our eyes and heart in one property. I love the concept, the environment, the price were quite steep but we were absolutely ready to commit. This time round we met up with three banks: Maybank, RHB and Hong Leong. Two out of this three banks were ready to invest with us and we were very happy with the interest that had offered.

Don't get me wrong. It was not an easy peasy process *due to the fact we are not millionaires and money don't grow on trees* Haha! We earn fixed salary each month and we have all the previous commitments including much more. Bear in mind we still owned our SK property, two cars, nanny, asb loans. With GOD grace we received the good news within 3 weeks of our application. To lower the monthly interest, at one point we had to ensure that our saving had a minimum of at least RM 60k (cash). This process is to ensure the banks that we have the back up money to support the loan if all else fails.

Signing Away
We finalised our agreement with the developer and the banks on the last day of 3 weeks (if settle within 21 days we could get additional discount from developer). We also paid *with sweat* 20% of our downpayment to the developer and voila, we owned 2 properties! :) So, if you guys would like to know more about the process... Well, stay tuned ok.