Booking Fees: How Much You'll Need
If You’ve Found “The One”, Make Your Move!
Category: Pt 1: The Basics of Homebuying | Tags: Bookings, Payments, The Journey
You’ve been looking for a while and you’ve finally found your “jodoh”! The one that puts a smile on your face and that you are excited to tell your parents about. I’m so happy for you!
But before someone swoops in and steals the one away, you better put a ring on it. I mean, place a booking fee on it. Of course, this is because by “jodoh” I actually mean the home of your dreams.
Once you fill up a booking form, the booking fee collected by the developer will range from a standard RM500 and may go up to 5% of the purchase price of the home you want.
Don’t forget to keep these notes in mind:
- You should receive a booking receipt after placing a booking fee. Be sure to keep it as this will be deducted from your overall SPA price.
- The developer should refund your booking fee if your loan application has been rejected.
- Don’t forget to check if the booking fee is refundable! Usually, you will get a refund though there will be some admin charges if you’ve had a change of mind.
Typically, the booking form states that you will be given 14 to 30 days to secure a house loan to finance the property. So the clock is ticking! Make sure you have all your documents in order and get the application started as soon as possible.