WHAT IS THE AGE OF MAJORITY TO BUY PROPERY IN MALAYSIA
In Malaysia, the age of majority is 18, which means individuals aged 18 or older are legally able to purchase property. However, while the legal ability to buy property exists at this age, there are practical challenges that young buyers may face, especially regarding financing.
One significant challenge is securing mortgages. Most financial institutions require buyers to have a stable income, a good credit history, and the ability to meet repayment obligations. For 18-year-olds, these conditions can be difficult to meet, as many may still be in school or just starting their careers. Additionally, banks may require a larger down payment of the property’s value, which can be hard for young buyers without substantial savings.
To overcome these challenges, many young buyers may need a co-borrower, such as a parent or guardian, to help secure financing. While the legal right to buy property exists at 18, these financial barriers can make it difficult for individuals under 21 to purchase property without support.
In summary, although 18 is the legal age to buy property in Malaysia, young buyers often need financial backing and guidance to navigate the challenges of securing a mortgage and covering costs such as down payments and stamp duty.
