To borrow money to invest in the home and land business. Home loan for housing It is a popular practice. Especially borrowing money to invest in houses and land. The purpose is to accelerate the return or increase investment value to grow faster than usual. The terms and conditions of housing loans of financial institutions are similar. There are several main conditions for obtaining a home loan. The issue is in line with the conditions of the financial institution.
- Buy a condominium Up to 20 years - borrowers to buy empty land. For planting Up to 10 years - Loan to buy commercial buildings. Up to 15 years - Loan to supplement or improve housing. Up to 10 years
2) Fixed interest rate throughout the loan period 3) Short-term fixed interest rate Then converted to a floating rate. 4) Fixed interest rate step by step 5) Fixed interest rate for one period and adjusted to be new always. 6) Floating rate is within the specified range. Steps to Getting a Home renovation Loan The basic conditions of a given financial institution are similar. It also has different details and characteristics. These conditions have a great impact on the borrower. Before deciding to borrow money from any financial institution should carefully consider all the conditions carefully.
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First, the rational choice of loan varieties
At present, individual housing loans include: personal housing provident fund loans, commercial loans for personal housing The provident fund loans with low interest rates on loans, reduced handling fee for handling loans, the family members of the public reserve amount can be combined with the use of such benefits, so long as timely and adequate payment of provident fund employees should first apply for their maximum available amount, the most Long-term provident fund loans. Individuals who do not apply for personal housing provident fund loans because they have not deposited a fund can use the purchased houses as a security or units and individuals with sufficient compensatory capacity to guarantee that they can apply for personal commercial loans to banks. Targeted choice of mortgage products is conducive to raising the approved rate of adoption. Second, correct assessment of their ability to borrow When you buy a house, you should first conduct a self-assessment of your own ability to buy a house, and then decide. Because too much monthly payment will give us a lot of economic pressure, will greatly affect the quality of life. So how to assess their own ability to borrow it? According to the latest policy, many banks reduce the down payment for their first home purchase to 20%, so buyers first need to see if they have a down payment of not less than 20% of the purchase price because most homebuyers have this mandatory requirement. To fully assess their ability to repay the principal and interest of housing loans every month, in general, a family monthly repayment amount cannot exceed 50% of family monthly income, otherwise it will affect the normal life. In fact, the correct assessment of their ability to borrow is to assess their financial ability, because when applying for The best housing loan, the bank will give the lender to provide a sound proof of income. Normally, the monthly loan expenses and the monthly income of the borrower calculated by the loan amount are less than 50% ; The total monthly debt of the borrower and spouse to the monthly income of the borrower should be within 55% the following.Bank approval will be smooth. Third, to provide a sound application for credit information Apply for personal housing loans to provide the material
Half of the cases, the issue of age does not involve new homes, so buyers should pay attention to when buying second-hand housing and the age of the loan should not be too large. In the process of lending, banks have requirements on the age of houses and the duration of loans. Most banks require that the sum of the age of houses and the length of loans should not exceed 40 years, and some banks, by age, should not exceed 65 years. Buyers can choose the right bank for their situation. After reading these four points, certainly buyers will ask, is not aware of the four aspects of loan approval will certainly be able to pass it? In fact, there are many factors that affect the approval of the mortgage, melt 360 mortgages summed up the most easily affect the approval of home buyers have these factors: 1, personal credit history When applying for a home loan, the bank first checks the borrower's personal credit report. If the report shows that the loan has been overdue for three or six consecutive times in the past two years, the borrower's home loan application will be mostly rejected. Therefore, we must safeguard our personal credit in our daily life. Except for overdue records, if there is any record of charges being due to bad credit, due to long-term default on charges such as water and telephone charges resulting in poor records. 2, repayment ability In addition to personal credit history, the bank will also focus on reviewing the borrower's repayment ability, if the debt is too large, or income, job instability, will affect the mortgage approval. 3, personal loan default If there are loan repayments when the loan is not repayable or if the guarantor is repaid, there is no record of more than 6 consecutive principal and interest within one month of the loan there are overdue records of over 24 single loans as well as the existence of loans in the past two years or debt and other records. 4, the debt is too high If the lender's monthly credit card payment exceeds 50% of monthly income, or already existing car loan repayment amount exceeds 50% of monthly income and other factors, the bank is also very difficult to obtain mortgage. Therefore, before applying for a home loan, the borrower must first identify the factors that affect the approval of a home loan, to apply for a loan to avoid any problems and thus affect the loan application. The above is to melt 360 mortgages for everyone finishing on the impact of mortgage approval of relevant knowledge, home buyers if you want smooth loans, or should be aware of the above in advance, so as not to phase in the house, sometimes with no money and the house missed. |
Authorhello everyone,am the author and blogger from India. in this blog you will get information about finance and home loans Archives
October 2019
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