6 points to consider loan and credit
You choose to be flat like that and intend to borrow, but wondered whether to bank loans? 6 points below will help you get the answers right.
1- Financial loan and credit and determine the amount you want to borrow
Existing balance amount and sources of "assistance", you should determine the need to borrow no more than 60 -70% of the apartments purchased. Banks usually provide a maximum borrowing limit of 70% if you use the apartments bought as collateral or mortgaged by 90% if other real estate.
Experts recommend that if you have a steady monthly income (from wages, rental property and / or business) loans make confident decisions, and soon owned the house.
2. Select the bank and borrower incentives program
The program of loan and credit deals currently mostly focused on interest rates, combined with gifts, discounts project through cooperation programs between banks and investors. With such a long-term loan to buy the house, when selected, do not look at the numbers, no bank interest-free loan you should determine the actual interest rate for the duration of loans (including preferential interest rates and after preferences). You can refer to the information via internet, employees real estate trading floor, investors or friends, relatives.
Also, find out the conditions and incentives accompanying other parameters make it easy to balance the needs and master plans such as borrowing limits (mentioned above) and the duration of the loan besides interest rates Bank.
3. The balance of income and monthly repayment amount
You already know your loan and credit. Need to determine the monthly payment (principal + interest) should not exceed 60-70% of the income threshold. Remember, your income must also cover the cost of other daily activities.
Bank loan and credit without collateral to be officially recognized in the legal system would be an opening for your personal life, your family, the right to consider and decide on the basis of loans secured or not secured by pledged assets, mortgage loan customers, third-party guarantors and responsible for their decisions. Spreadsheets monthly repayment amount after determining the interest rate, loan amount and loan term here.
Accordingly, the services for the mortgage loan and credit in the credit institution has been formalized in the legal system of the State and so far many banks have conducted this service deployment.
Spreadsheets monthly repayment amount after determining the interest rate, loan amount and loan term here.
4. Actively preparing the necessary dossier
You may not have said, full profile and quality will determine 90% of the time and process loans.
So, what should prepare to get answers from the bank? Simple, ready at 3 items: Legal Personal Profile (1), Profile of documents proving the loan purpose (2) and proof of income Profile (3). Also, the initiative requires the help of bank employees when there are obstacles in the process of preparing documents. Refer to the list of records here
5. Fees and binding commitments of banks
The incentive program is often associated with certain binding conditions. No one wants to owe forever, while loans often determine the long term to split the amount to be paid monthly; so, should consider the possibility that you will repay before maturity, break the contract. Hence the need to learn about early repayment charges and the ability to repay preferential.
6. Keep in touch with the bank
Do not passively wait for loan approval and disbursement, keep in touch with the bank. Avoid the risk of penalty payment schedule or damage deposit of the purchase contract.
Mastering 6 points out, you absolutely can question any loan and credit with banks and negotiating contract terms most beneficial and suitable for you
Please contact us for advice