What is DIBS, plus the pros and cons of this controversial scheme

DIBS stands for Developer Interest Bearing Scheme, where the developer pays the interest payments for the buyers’ loans during construction of a project.

Usually, when a developer offers a DIBS package, the buyer only has to pay the down payment (say, 10%) and associated legal fees, but nothing else until completion.

The monthly instalments being paid are just interest payments, and do not include capital repayment of your loan.

Pros of DIBS

Many speculative property investors like DIBS because with a down payment, they can secure a property which they hope will increase in price upon completion. Upon completion, they can then “flip” this property for a significant profit, without having had the “pain” of paying for the loan for the first two, three or four years of construction.

Georgetown Festival 2013

Example of Shophouse Restoration

Example of Shophouse Restoration

Basically, heritage area in Georgetown needs to fulfills certain requirement and guideline like restoration and conservation.

Panang Heritage Shophouse

The Characteristics of Shophouse

George Town UNESCO World Heritage Site

On 7th July 2008, George Town and Melaka were inscribed together as a World Heritage Site validating their outstanding ‘cultural heritage’. Georgetown is the capital of the state of Penang and it is located on the north-east corner of Penang Island. The charm of Georgetown's streets is found in the intimate relationship between the monuments and the buildings of ordinary people.

Withdrawal EPF to Purchase A House

Introduction

-This withdrawal allows you to withdraw your Account 2 savings to finance the purchase of a house.

-Withdrawal to purchase a second house is allowed after the first house is sold or disposal of ownership of property has taken place. Disposal of ownership refers to ‘loss of ownership of the first house owned through previous EPF withdrawal’ either due to auction, surrender of property by court order, transfer of ownership because of love and affection, destruction of house due to natural disaster, abandoned housing project or cancellation of purchase.

Important Property Updates For Foreigners and MM2H Participants in Penang

There are a number of important property updates that foreigners and MM2H participants living in Penang should take note of. 

Penang used to allow those with the Malaysia My Second Home visas to buy property (in Penang) priced over RM250, 000. 

But the latest update from the Penang State Government (as of 1 July 2012) is that MM2H participants can only purchase a residential property at a minimum price of RM500, 000 (limited to 2 units only). 

Malaysia My Second Home Programme (MM2H)

The Malaysia My Second Home Programme (MM2H) offers non Malaysians a ten year renewable visa and various other MM2H privileges. So far some 12,000 people have been approved and it is generating a lot of interest. The programme is primarily attracting people who wish to retire in Malaysia or spend extended periods here.


Applicants can apply for the programme without going through a third party but they must possess a valid medical insurance policy and must pass the police and immigration departments' security checks.

UPON APPLICATION – FINANCIAL REQUIREMENTS FOR MM2H
Applicants are required to show they have sufficient financial resources to live in Malaysia without seeking employment or other assistance from the government.

Applicants under 50 are required to show liquid assets above RM500,000 and a monthly income of over RM10,000 (equivalent).