If you think about your own apartment, and you have not saved millions of dollars before, you will get a mortgage. What is the process of applying for a housing loan step by step? What documents are necessary to receive it and how long does the entire procedure take? It is said that this product connects people more than wedding. A mortgage loan binds you with a bank and co-borrower for a dozen or even several dozen years. Do you have to be afraid of him? A large เงินก้อน happens to be essential there.
Housing loans: how to go about it?
You found the perfect apartment. Or you were amazed by a small house in the suburbs that you could enter in this quarter. Well, only one small question remains to be solved now where to get the money for it?
The whole path of choosing a property, signed a reservation agreement, watching and planning is already behind me. What’s next? The scheme below will be essentially permanent, regardless of the institution you choose. Remembering the required own contribution, estimate how much you want (you can) spend on buying a house or flat.
- Review the offers of banks.
- Collect the necessary documents.
- Count how much it will cost you to start the loan.
- Choose a bank and offer.
- Submit an application.
- Wait for the decision.
- Meet additional conditions.
- Start a loan
Not all banks give mortgage loans today, but you still have quite a lot of choices. Ask for terms and costs at least in several institutions so that you can negotiate and have a reference to the market. Check the margin, bank commission and see the products that the bank will ask you to buy in the cross-sell offer.
Think about whether you want a free early repayment, and on what conditions you can choose the money for the renovation or finishing of the apartment, or perhaps the most important for you will be the lowest commission.
Remember that you will need your own contribution. The time of loans for 100% has ended, and it used to be even 105% of the property’s value. Today, the required own contribution is 20%. However, there will be banks that will lend you money, if you collect min. 10% of own contribution.
Housing loan: necessary documentation
The next step will be to collect the necessary documents and submit applications at selected banks. What documents do you need? Let’s divide them into several groups:
Personal documents: current ID card, sometimes a second document with a photo;
Documents regarding income, financial obligations and credit history: The certificate of income should be on the bank print, so download it from the website, from the adviser or ask for it in the facility.
Documents regarding the legal status of the real estate being purchased: This includes a notarial deed confirming the title of ownership, an excerpt from the land and mortgage register, and in the case of real estate from a developer you will need documents such as the developer’s, legally valid building permit, extract from the land register.