It is still a problem for people to buy and sell the house. The number of refinancing loans from financial institutions remains high. But if you follow the 4 steps,to apply for a home loan through comfortably.
1. Create a good debt history, direct payment, not defaulted, no debt. If you have problems with outstanding dept, must manage the debt before making home loan at least one year and should not create other new debt.
2. Prepare documents
– Personal Documents: copy of house registration, copy of ID card, copy of marriage/divorce(if any), copy of death certificate with marriage in case of dead spouse (if any), copy of name/surname change letter (if any)
– Income Documents (In case of regular income ): salary slip/salary confirmation letter, past 3-6 months saving statement – Income Documents( In case self-employed): copy of commercial registration or a certificate of registration of a juristic person,past 3-6 months saving statement and other property (if any).
– Evidence of trading such as a copy of the l title deed or a copy of the agreement to buy or sell a deposit or a deposit, if it is a purchase of a condominium unit. A copy of the certificate of registration is required, and personal details and the property.
– The other documents such as loan application for construction or extension of building, must have a building permit or a building extension. Or in the event of a loan to redeem the mortgage. There must be a loan agreement and a mortgage agreement from the original financial institution, statement of installment payment in the last 6 months.
In addition, in the event of a joint borrower. The evidence of the borrower must also be presented, both personal evidence and proof of income.
3. Must not exceed the debt ratio prescribed by the bank. Most debt should not exceed one third of the income. And when combined with other debt should not exceed 40-50% of income depending on the individual financial institution.
4. Have a deposit (or down payment) at least 20% of the price . In general, financial institutions will provide 80-85% of the house price. There are some credit lines for housing loans, such as corporate welfare loans, government employees or employees joining the scheme. The loan may be up to 90-100% and even though the loan is high, so it is almost no down payment. If there is money or savings, it may add good credit for the loan because it shows good financial discipline.
For the self-employed, if not evidence of a source income. Should be accounting for receipts – daily expenses, include a regular deposit and savings account regularly. To be used as evidence to the bank found savings each month,this will make it easy to home loan.
Source: Baanpromyhu Magazines