If you intend to get home loan from the bank, there are 6 helpful tips below to make your transaction go smoothly and quickly
Financial planning and determining the amount you want to borrow
If you decide to buy house by bank loan, you have to balance the amount you get and other “supporting” sources. Just borrow an amount equivalent to 60-70% value of the expected house. According to experts, if your income (from wages, rental property or business) is stable, you can totally be confident to apply for a loan and own your dream house.
Choosing bank and incentive programs
To stimulate the market, many banks cooperate with investors to commit preferential loans with various incentive programs focused on interest rates, gifts, discounts. For long-term loans, you should not just look at attractive figures. No bank lends you without interest rate (including preferential rates). You can seek for detailed information about incentives package on the Internet, trading floor’s staff, investors or friends, relatives …
Besides, you also need to understand the conditions and incentives and related information to make it easy to balance the needs and take the initiative.
Balancing monthly income and repayment amount
For your stable income, you need to determine the monthly payment (principal + interest). It should not exceed 60-70% of the income. Remember, your income must cover other daily bills.
Actively preparing the necessary profile
You should take the initiative to prepare the necessary documents before go to the bank. A completed and qualified profile will determine 90% time and process of the loan.
So, what should you prepare to get immediate response from the bank? Simply, get ready with 3 documents:
– Personal Profile
– Documents proving purpose of the loan
– Income Proof
In addition, you should actively ask for help from bank employees when there are obstacles in the process of preparing application.
Fees and bindings of bank
The incentive program is often associated with certain binding conditions. Nobody wants forever indebted, while loans are usually determined in long term to split the amount paid monthly. Therefore, you should foreseen your early repayment and contract breach. So, learn carefully about early repayment fees, and case of repaying incentive …
Keeping in touch with bank
Take the initiative to contact the bank instead of passively waiting for loan approval and disbursement. This will also help you avoid the risk of penalty for missing payment schedule.
If you follow correctly 6 points above, you can completely ask for loan from any bank and negotiate contract terms which are most beneficial and suitable for you.