How do banks borrow from home to avoid bank debt? Here are all the home loan experiences that can help you “breathe easier” …
For each person, learning, examinations, college education, growing up, going out and going to work as a spinning reel for many generations. But one of the biggest turning points in life is having your own home.
Old people have the sentence: “settle the business” this is always the essential, legitimate and concern of the generation 8x and 9x in today’s society. However, with the increasing urbanization, the tight land, the east makes owning a home is not easy, requires a certain ability to prepare, accumulate capital both matter and thought. However, it is not entirely a problem if we really understand the rotation of the real estate market, to choose wisely and to buy and invest. Therefore, not enough money to buy once, do not borrow who is wise and easy to breathe, but to make use of time, effort, borrowed resources to motivate, leverage to round the word “Security “is a matter of concern and effort.
We can easily see many scenes of laughing tears when friends, siblings, relatives strive to buy a house – people buy once, then entangled, bought the wrong project, suspended the project, not get home – people are not smart loans, every month to pay back debt debt to make life more difficult.
That’s why Realestatevietnam chooses to combine the things that every one of us really needs to capture, to prepare for a dream home loan. If you are interested in buying a home with good, moderate, and affordable loans, these things are for you:
1 / Accumulate
First, the accumulation is extremely important in whether you actually own the home you want – In theory, you need to accumulate the equivalent amount of cash, at least 30% of the price. The house wants to buy. And ideally, it should reach almost 50% of the total value of the home. – This leads to financial pressure that you borrow when buying a home is relatively moderate when the monthly payment includes the money. origin.
However, you do not need to worry too much because many people choose to invest in a better home, not too worried about the monthly fee and interest but the main focus is on the prepaid as low as possible.
According to Realestatevietnam survey, some projects are quite popular in the area of Ho Chi Minh City is currently applied the original form of payment of only 15% -20% of the value. More specifically, with a house of VND1.4 billion, you only need to reserve VND200 million is able to complete the procedure and buy a house for yourself.
2 / Know the golden rule in buying real estate loans
Currently, most banks offer very low interest rates, but you have to be alert and pay attention to how long interest rates will last for maximum. Interest on loans for buying houses is divided into two types:
Initial loan interest is the interest rate of real estate loan offered by banks usually fixed in a short time. For example only 6-8% per year
+ Floating interest rate: The interest rate will be adjusted to increase by 3.5-4% according to floating interest rate when borrowing to buy a house. Interest rates will go up to 9-12% per year.
Therefore, before buying a home with a bank loan, you should find out the most detailed advice on the loan package, support and plans to pay monthly until the end of the loan period.
3 / Increase income from secondary sources
Of course you will need a major source of income to ensure that you pay the principal and interest on a mortgage when you buy a home. However, in order to live a more lucrative life, you can choose to invest and do more work. This will make your life easier, easier, and less burdensome for your long life in your new home.
4 / Divide your income into many small bags
Before buying a home, you may plan to spend a lot of money, but when you decide to buy a home, Realestatevietnam recommends having a good financial plan. This includes: good financial management, efficient use of finance, increased incomes to increase financial capacity. The most important thing is managing your finances well:
+ Bag for spending a living
+ Bags for entertainment, travel, …
+ Bags for relatives, friends, wedding
+ Bag for spending repayment
+ Bags for investment of extra work, financial support for repayment and life.
Well managed every pocket, you will have a comfortable life, no worries, peace of mind and clear preparation for anything to come.
5 / Self-assessment of solvency
One of the most important things is the ability to pay when choosing a home loan, so you need to limit the loss of solvency by managing the above, then you should consider the division of spending Pay as follows:
+ Financial capacity (1): The total sum of pocket money, minus the pocket to spend the life
+ Financial support capacity (2): It is the money invested and earned in participating in the secondary work, and it is best to have a small part support at urgent from relatives, friends .
+ Debt repayment capacity (3): a pocket for repayment of debt – Interest is needed, interest rate monitoring should be undertaken to ensure that the interest rate does not exceed the ceiling for the bank to which you are borrowing. risk.
If calculating (1) + (2)> (3), buying your apartment is safe and feasible.
6 / Choosing the right house
You should consider when choosing to buy a house, the apartment is moderate enough to create comfortable living space, should not be too wide with the area used excess. Buying a house is too large, which means that the family has to pay off unnecessary principal and interest. In addition, if the area is just right, you can expand the space with light colors, choose to buy houses with airy space, communicate much with the light outside to not feel cramped, cramped.
It is often the case that homeowners with a modest area often choose the right mirrors, which provide a broader and brighter vision of the living space.
7 / The duration of the loan package
The seventh note for a home loan is the duration of the loan package. When borrowing from banks, the use of loans is limited to 5 years or more, the interest rates of banks are no longer the difference. Therefore, you should choose the longest loan time possible to reduce the monthly principal amount to the lowest. To capture this, you should choose to buy apartments from the major distribution sites, prestige entrusted directly from the project investor (F1 floor) as Realestatevietnam or the authorized trading floor. For more information, support program and combination with many reputable banks and various loan packages, more options for you. Of course, when you choose to borrow, buy at reputable trading floors, aiming at customer benefits, you will be consulted as maximum loan bank affiliated to minimize the risk of choosing inappropriate or overpayment loans. Excessive financial or potential risks later on.
8 / Deal with floating rate traps
Once you have chosen a reputable trading floor, a bank that links to a healthy loan, you need to know more about floating rate traps to avoid the risk of independent borrowing from credit packages. It is independent of the project. To do this well, homebuyers should estimate in the assumption that interest rates over the years, the risk of up to 30% of the predicted rate of interest is possible. So after deducting expenses, the bags used to pay the bank debt should have a budget of 1.5 to 1.5 times the amount actually paid to guarantee the risk of payment. for bank.
For example: You have to pay 8.8 million dong a month to the bank, so the bank’s backup bank loan should now range from 13tr2 to prevent situations where interest rates may suddenly rise.
9 / Note the interest rate of debt before maturity
Debt settlement before the release of the monthly financial burden is also one of the options for homebuyers to become financially independent in just a short time. However, if the home buyer intends to do this, you should choose a lender that has a low, low or no prepayment penalty. Normally, in the first 5 years of buying a house, the tendency of the buyer to make a payment before maturity is very high, the penalty for late payment is sometimes up to 1-3% of the amount paid before maturity. Once the banks offer low interest rates, they often attach high fines to offset the loss of preferential interest rates in the first few years of lending.
10 / Survey home and house prices thoroughly
If the project is completed, the house is in: Please take a moment to find out information, legal status of the project as well as distilling information from reputable forums and websites on the Internet. Or you can go directly to the apartment or apartment and ask the people in the neighborhood or neighbors for a multi-dimensional view of the house that you will stick to many years later when making a purchase decision.
If the project is under construction: Please check the information on the website, especially the prestigious units, highly qualified consultants, support customers to fully grasp and details of the site. Investors, preferential loans, incentives for customers. Or you can preview the model, saim or even view the 3D inside the house like Realestatevietnam site, all this to help you choose the most accurate for the future home. mine.
Finally, and most importantly, your choice for your “Stay” home, so apply all or one of these notes to make the most accurate decision for your home. you guys
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