Buying a home for the first time may be challenging activities. However, it has sufficient cash and understanding of the market and the procedure can facilitate the process.
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There are a few things into consideration:
Financial conditions – need to understand the costs incurred for:
- Cash for deals. Developers typically will determine the amount of cash for deals. However if you do not buy from the developer, for example, from the secondary market, a seller can determine the properties of the cash for deals.
– Developers will give the order form contained unit in which the payment schedule so earnest money and the repayment advance. This schedule must be clearly stated and agreed upon by the seller and the buyer. This payment schedule is very important when you refinance the property with the program installment / installments.
- Down payment.
– As mentioned above, you need to pay off the cash advance if you want to buy the property from the developer. For property purchased from the secondary market, the bank will usually specify the major advances that need to be paid to direct sellers, the amount ranges between 20% -50%.
– You should be careful to set the time of this advance payment. Make sure beforehand that your credit agreement is approved by the bank, before you have already paid the down payment to the seller. This can be done by creating a Sale and Purchase Agreement with the seller before a notary that says you will make an advance payment after the credit agreement was approved by the bank.
- Installment. Ideally, large installment does not exceed one third of your income (husband / wife / combined).
- notary fee for credit legally binding
Find out the market price for the property you want
- Get an indicative assessment of the Bank through a survey of the property asset valuations to determine the selling price and the legality of the property in question. Value of property assets should be in accordance with the prevailing market price.
- Legality necessary documents usually like Land Certificates, Certificates permission Building, Selling Power of Attorney, Wills, and others. Furthermore, the bank will issue a decision on the feasibility of the property to the credit agreement, if all the necessary documents have been completed. If not, then they will tell you more about the required documents.
Credit risk analysis
- Before purchasing home loan application is approved, the bank will credit analyzes to measure the ability installment / installments you. Typically, large monthly installment should not exceed one third of the income of the husband, wife, or a combination. Verification will be done via examination of a current account for the last 3-6 months, to see your monthly expenses. Interviews will also be conducted, coupled with cross-check references you provide, and so did the checks to Bank Indonesia.
- Bank Indonesia will check (if any) credit cards, vehicle loans, credit purchase another house, another loan, and monthly living expenses, or if you have or are in the Blacklist status.
- Furthermore, within 14-60 working days, the bank will give a decision on the request for the purchase of your home loan.
The loan agreement made after all the above conditions have been fulfilled. After the loan agreement, installments can already begin to be paid. After all installments paid, make sure you get a Debt Settlement Letter from the bank and Property Unit Ownership First Certificate as proof of official ownership of your first home.