Buyer’s Guide

OWNING A HOME

Congratulations on your decision to be property owner! Be it owning a home or commercial property, this is an important step and at Naim, we shall endeavour to assist you to own a property of your dreams. We look forward to welcoming you to the Naim family!

General Guidelines

Registration Of Interest

To state your interest in owning a property, you are advised to register online at www.naim.com.my or visit any of our sales offices to obtain a copy of the Registration of Interest form from our sales personnel. You are able to proceed with the Registration of Interest before the property is launched.

Selecting A Unit

For those who have registered their interest, they will be invited to our sales office to select their units prior to the property launch. Selection of units will be on first-come-first-serve basis.

Financing Your Purchase

Once you have information about the unit you would like to purchase, it is advisable to consult the financing houses such as banks or even EPF for a preliminary assessment as to whether you are able to obtain financing for the unit.

Letter Of Offer

Once you have made your selection, you will be issued with a Letter of Offer. The letter will contain information of the property which you intend to purchase. To accept the offer, you are required to pay an initial down payment of ( %).

Execution Of Sale And Purchase Agreement (SPA)

You are required to execute the SPA at our appointed solicitor’s office upon settlement of the ( %) down payment within 14 days from the date of confirmation of sale.

Loan Application And EPF Withdrawal

You are advised to apply for a loan upon confirmation of sales. For those who are EPF members and would like to make withdrawals from your EPF account, you will need to obtain the EPF Withdrawal Form from the nearest EPF office of download the form from the EPF website at http://www.kwsp.gov.my

Private Sector Loan Applicant

At Naim, we have appointed a panel of bankers to assist you with loan applications. However, you have the option to choose any bank/finance house to finance your purchase. Generally, the documents required to apply for a loan are:

  • Original copy of the SPA
  • Copy of the title deed (if available)
  • Photocopy of your IC
  • A copy of your last 3 months’ pay or last 6 months’ bank statement (if self-employed)
  • Letter of confirmation on income and years of service from your employer
  • A copy of Income Tax return/EA form for the past 3 years

Loan Processing Sequence

  • Submission of loan application form with the necessary documents
  • Interview by the bank/finance house
  • Letter of Offer by the bank/finance house to be signed by you as acceptance of the offer and returned to the bank/finance house, with a copy to us
  • The bank/finance house will issue a letter of instruction to their solicitor to prepare the loan documents (the loan documents will differ, depending on whether the property is a landed property with individual titles or whether it is a strata unit)
  • The bank/finance house will issue you a letter, advising you to execute the loan documents at its solicitor’s office
  • After that, the loan documents will be forward to the bank/finance house for execution
  • The loan documents will be returned to the solicitor, who will then forward to us the relevant documents for execution
  • These documents are then returned to the solicitor for stamping and registration by relevant government authorities. Stamped documents are given back to the bank/finance house for safe keeping. A copy of the documents is given to the purchaser and developer for records

The bank/finance house will release payments to us progressively in accordance with the 3rd Schedule in the SPA upon receipt of our invoice.

Government Loan Applicants

If you are a civil servant, the requirements for a housing loan are laid out in www.treasury.com.my. You are advised to study the requirements carefully.

EPF Withdrawal

Requirement

To qualify, you need to be an EPF member.

Entitlement

Your entitlement would be 30% of balance available in you EPF Account II or the difference between the purchase price and loan amount (whichever is lower).

Procedure

  • Submit the EPF Withdrawal Form together with the original copy of the SPA
  • Submit photocopy of your IC and a copy of the letter of loan approval from your end-financier

(the original SPA, letter of loan approval from your end-financier and IC would need to be sighted by the EPF officers)

Mode Of Payment

Generally, the payment will be released directly to the member within a period of 3 to 4 weeks from the date of submission. You can refer to EPF’s website at www.kwsp.gov.my for more information.

Payment Procedure

Down Payment

The initial down payment as stated in our letter of offer needs to be paid upon execution of the SPA.

Late Payment Charge (LPC)

As stipulated in the SPA and the relevant laws, a late payment charge of 10% per annum will be levied on any overdue payment.

To avoid LPC:

  • Apply for your loan immediately – we will pleased to assist you on this
  • Liaise with EPF to ensure prompt release of withdrawal amount
  • Settle the difference between loan amount and purchase price immediately on loan approval or on receipt of invoice from us
  • Monitor closely the loan processing with your bank/finance house to ensure that loan documents are finalised within the grace period
  • Liaise actively with your bank/finance house and solicitor on the receipt of the invoice from us to ensure payment is made within the period of 14 days from the date of the said invoice

Progress Billing

This involves periodic invoices issued by us as and when the relevant construction stage in the 3rd Schedule of the SPA or the Government Schedule is completed as certified by the architect.

Payment Period

The payment period is ( days) from the date of the receipt of invoice.

Invoice To End-Financier/Treasury

Invoices are forwarded directly to the bank/finance house/treasury (whichever applies), to enable you to liaise with them for prompt payment release.

Mode Of Payment

We strongly advise for payment to be made by crossed cheques, bank draft, money order or bank transfer. If possible, avoid cash payments (except for the settlement of miscellaneous charges during the handing over of vacant possession).

Refund Of Over Payment

This is subject to the following:

  • Loan has been approved by your bank/finance house
  • The 1st progress payment has been released by the bank/finance house
  • The difference between the loan amount and selling price has been settled
  • Any late payment charge or miscellaneous charges (if any) have been settled

Your Rights As A Purchaser

As a purchaser, you are entitled to various rights in accordance with the SPA. The Sarawak Ministry of Housing is the authority sanctioned by the State Government to ensure that your rights as purchasers (for residential property only) are protected by controlling and regulating housing development in the State of Sarawak. The laws which protects your rights as a purchaser are:

For Residential Properties

Housing Developer’s (Control & Licensing) Ordinance 1993
Tribunal for Housing Purchaser Claims

For Non-Residential Properties

If the property is for commercial purposes, your rights and the developer’s obligations are stipulated in the SPA.

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