Easily get a house loan with these 4 steps!

“House” is something that everyone wishes to have for family and for stability. People who have never done a house loan before might have some questions about how to prepare yourself before doing a house loan. Today we are going to find out the answers together to make it easier to get a loan for a house and fulfill someone’s dream. 

Step 1: Prepare a loan application

The documents that are used to complete a home loan are a copy of ID card, a copy of the registration of the house, a salary slip, a deposit account at least 6 months bank statement, an information about the house that you would like to purchase such as map, a land deed, and a contract for sale or a deposit. These documents will allow banks to know who you are, what your job is, how much your salary is, how much power you have to get a house loan and where is your house that you want to purchase and how much that house cost.

Step 2: Compare interest rate and fees of different banks

You must check and calculate to find out what bank offer is the best for you. For example, loan percentage of appraised or traded price, interest rate, fees, a loan period, and an installment payment. Initially, you must calculate what kind of offer is appropriate for you. 

Step 3: File the application and wait for the reply of the bank that suit you the best

After filing the application for a house loan, banks will consider the interest rate and amount based on your risk and burden. If you  are a good debtor, do not have much debt, can make lots of money with a clear and stable source of income, the bank will approve a lot of loans with low interest rates. On the other hand, you might not get a loan or the loan is not as much as you require if the banks see financial risk because you have unstable income and seem not ready to have debt.

Step 4: House transfer and Mortgage check

After the approval of the house loan, do not forget to have an appointment with the seller to check if the house is in a good condition for transferring.  Once it’s settled, you will make arrangements between you as buyers, sellers of assets, and banks where we borrow money to deal and mortgage at the district land office. Every process will be done in front of the authorities. The bank will hand over the cheque to the seller, the seller will transfer ownership of the house. You must mortgage that the bank is the payer and that you are the debtors of the bank who have to pay the loan. The real deed will be kept by the bank until we can repay all our assets, and then we’ll get it back later. You will get a key to stay in the house.

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