My First Home

"Ever wonder how your first home would be?"

Okay, probably you don't.
Most of you would be thinking about are car, games, and girls huh? =X
Well, for me, I have been dreaming since like... erm ages ago?

"Yes, I am very eager to have my own house! =D"

Through out my entire study life,
All i have been waiting is to graduate and start working!
Of course, the first thing I would buy is HOUSE!
But the questions would be Where? When? How much?

Here's my ideal answer: =p

"Where? Penang Island!"

"When? As soon as I start working!"

But there are some doubts running in my mind.
Should I buy a house immediately after i work?
Keep in mind that once purchasing the house,
I would be tied down by the heavy installment.

Or should I save and invest for a few years first?
This would be for those to save for the 10% down payment for housing loan installment.
But bear in mind that there is the new scheme "My First Home Scheme".

Whereby if your salary lesser than RM3k,
you are able to get 100% housing loan for your first home,
for a house purchase price from RM100k - RM220k.
Meaning that you need not to worry about saving the 10% down payment.

"How much?"

Probably this would be the most critical question!
With the scheme, you are only able to buy house below RM220k!
But with the sky high price of houses in Penang island...

"Where to find a house below 220k?!?!"

Yes, there are! But it would probably be cheap old flats left!
I want landed property! >.<
So perhaps need to go back to the first question "Where?".
House other than in Penang or KL would be a lot more affordable.

I have read some of the articles about the My First Home Scheme.
They talked about the negative side of it.
Undeniably, taking 100% housing loan also means that
you will have to pay more on each monthly installment.
In short...

"You are able to buy a house, 

but might not be able to pay the monthly installment!"

Some also suggested that the government should increase the limit of house price depending on the area.

So, yes, think wisely before you make any decision!
And for those not even plan for the future,
perhaps you should start now!

"At least you would know 

how much you should earn to cover the expenses!"

While for me, probably should consult my dad,
or even consult a financial planner soon!