Experiences mortgage loan to buy a apartment from real estate

Demand for home loan projects is increasing, besides the benefits, borrowers need to prepare their knowledge and experience to borrow money to buy the project.

Currently, the supply of real estate in HCMC is plentiful, interest rates for home loans are also being offered attractive banks, besides supporting you to borrow up to 70% of the value of your project apartment. intend to buy. However, borrowing money to buy a project is a complex business and certainly you must prepare thoroughly before borrowing. To borrow money to buy an effective and successful home based project, here are the experiences for you.

Buy a home loan project and the benefits you should know

If you and your spouse are middle-income, you should consider the possibility of borrowing money to buy a home, such as an apartment, in a partnership between an investor and a bank. . Buying a home for a project helps you take advantage of the incentives offered by the investor-bank loan program, which can be difficult to find when buying a townhouse or home from an individual. somehow

In case you go to buy a project home, the investor of the project will facilitate you to buy the apartment payment in several installments. Usually the initial deposit is about VND50 – 100 million. Subsequently, the bank will proceed to disburse each installment to the investor according to the progress of the project. Buying a home this way, you will not have a headache managing cash flow because the bank will pay for your home on behalf of the real estate investor.

Buying a real estate project gives you the opportunity to own a dream home

However, when buying a home, you need to make sure that the apartment you are purchasing is full of building permits, investment licenses, specific planning … or not, which ensures you can carry out the future purchase and sale transactions that are not contrary to the law.

Project Loan: Do not forget to calculate the affordability

In order to be able to both afford the project apartment and to meet your family’s daily living expenses, you must balance your family’s monthly net income with expenditures, plus debt. Pay monthly for the bank. On the same principle, when you decide to lend money to a homeowner, they will calculate how much you will borrow, based on your debt-to-income ratio.

One of the ways to increase the loan limit (loan amount) is to extend the loan period. However, you need to consider to choose a reasonable loan term because the longer the loan term, the longer repayment period of your interest and the cost of borrowing increased significantly.

Thoroughly calculate the solvency when borrowing money to buy a house

Determine the amount of loan for the project

You can use the property formed from loan or other property as collateral and the bank will rely on the value of the property after the appraisal of the project apartment to grant a loan limit for friend. Currently, most banks can lend you up to 70% of the market value of the apartment. Once you’ve determined your monthly mortgage payment and know the maximum amount your bank can lend, you can choose to buy a suitable apartment.

Consider home loan programs

In order to increase competitiveness in the market, most banks have launched mortgage loan packages with preferential interest rates to attract borrowers. However, low interest loans sometimes do not mean cheap loans. Therefore, before the offer of preferential loans from banks, you need to ask the question how long interest rates will last and interest rates after the initial period of promotion will be how much …

You should also clarify the method of calculating the interest of the loan. The bank will apply floating rate or fixed interest rate for your loan, if it is floating rate, how long will the adjustment period be, the interest is calculated on the original debt or the debt is gradually reduced. (actual outstanding balance) …

You should spend a lot of time considering the right package

Home mortgage loan

In regards to early repayment fees, when you agree to participate in a preferential credit package, you usually have to commit to not paying the term in a certain amount of time. If you want to pay off early, you will have to pay a certain penalty for early repayment. Therefore, when choosing a home loan, ask your bank employee about the time it was before the due date, the fees involved, the penalty formula for you to set up a pay plan. Debt yourself and fit the financial situation of your family.

Prepare a mortgage application

The application file for buying a house will basically have the following documents:

• Application for loan, proof of income (labor contract, salary statement, business registration certificate, capital contribution certificate …)
• Identity card and place of residence (ID card, household registration book, KT3, marriage certificate, single certificate …)
• Collateral (savings book, real estate …)
• Documents proving the purpose of the loan (house purchase contract, property ownership certificate such as red book, pink book …)

If your loan application is fully and properly prepared, your bank’s approval and disbursement procedures will be approved soon.

When borrowing money to buy a house you need to note that: Because the process of credit approval of banks with the participation of many departments with professional scientific and professional increasing, so in Working with your bank, you need to honestly share your income, collateral, loan purpose … with bankers. Credit financing is a belief-based lending activity, so it’s important for you to accurately and truthfully present the information that will help your bank to make informed decisions.

Buying mortgages is a necessity for all people. With the above-mentioned home loan learning tips, Rever hopes you will be more secure when planning your finances to own a dream home for yourself and your family.

To make your home loan more convenient, Rever provides you with a monthly mortgage calculator. The material is free of charge.

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