Buying a home for the first time may be a challenging activity. However, it has sufficient cash and understanding about the market and the procedure can facilitate the process. There are several things into consideration:
Financial Condition
Understand the costs that need to be issued for a cash advance and installment. For a cash advance to buying home, meaning you need to spend some money if you want to buy the property from the Developer. Banks usually will determine the amount of down payment that needs to be paid to direct sellers, the magnitude ranged from 20% -50%. You should exercise caution in regulating the payment of this advance. Make sure first 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 making the Letter of Sale and Purchase Agreement with the seller in front of the notary who says that you’re just going to pay a deposit after the credit agreement is approved by the bank. Then for the installment, ideally large installments not exceeding third of your income. Another cost is the cost of a notary, where cost is a legally binding credit.
Find out the market price for the property you want
Get an indicative assessment of the Bank through property asset valuation survey to determine the legality of the sale price and property in question. Value of property assets should be in accordance with prevailing market prices. Legality is usually necessary documents such as the Land Certificate, Certificate of Building permits, taxes, Selling Power of Attorney, Letter of Heritage, and others. Furthermore, the bank will give a decision on the feasibility of the property to process credit agreement, if all necessary documents have been completed. If not, then they will tell you more about the necessary documents.
Credit risk analysis
Before the loan application is approved, the bank will measure the ability to analyze credit for installment / installment you. Typically, large monthly installment should not exceed one third of revenue husband, wife, or a combination. Verification will be done through examination of newspaper accounts during the last 3-6 months, to look at your monthly expenses. Interviews will also be carried out, coupled with checking referrals you give and so did the check to Bank. Bank will check (if any) credit cards, automobile loans, other mortgages, other loans, and monthly living expenses, or if you have or are in the Blacklist status. Further work within 14-60 days, the bank will give a decision on your loan application.
Credit agreement
Credit agreement made after all the above conditions are met. Once the credit agreement, installment can already begin to be paid. After all the installments paid, make sure you get a letter from the bank’s Debt Repayment Original Certificate of Ownership and Property Unit as an official proof of ownership of your first home.