VINOTES WHEN LOANING BANK TO BUY HOUSE
Borrowing from a bank to buy real estate is an instant measure, helping you to own real estate when you are not financially able. What to pay attention to when applying for a bank loan to buy real estate?
Choose a reputable investor
Choosing an investor when buying real estate is like "choosing to send gold". Because of risks such as: The investor does not have legal capacity; being tricked into buying land plots in the clearance area; buying land that has no value or has been sold many times… is very common in real estate.
In addition, there are also many investors who do not have a clear and legal project plan. Therefore, when taking a bank loan to buy real estate, customers should only cooperate with reputable investors or sellers.
Determine the exact price of the land you want to invest
If you want to borrow money to buy real estate effectively, you must know the price of the land lot (house) you want to invest in. This first helps you know if the investors price is reasonable or not. Calculating the actual value of the land plot also helps you know if you should borrow from a bank to buy land.
Finally, the valuation of the lot helps you to know if you can afford to pay the debt. According to banking experts, we should only borrow money from banks to buy land when we have at least 30% of the capital in hand. The fact that many people borrow too much capital will increase the total amount of interest to be paid.
Choose the right loan package
You will be able to choose one of many different land loan options. However, you need to calculate your financial ability and repayment ability to choose the right loan.
The larger the amount you borrow, the higher the total interest you will have to pay the bank. Therefore, you should choose a suitable housing loan package so that you do not have to bear a large amount of interest.
Know the loan interest rate in each period
All banks offer different interest rates from time to time. Usually, in the initial loan period, banks will offer attractive interest rates. This interest rate will increase gradually over time. So when taking out a loan to buy a house, you should carefully research and understand the loan interest rates.
The calculation of repayment capacity must be based on the highest interest rate during the loan period. If you calculate based on the lowest interest rate applied in the early stages, you will have a lot of trouble repaying the bank loan in the later period.
How to appraise property for a loan?
Property appraisal is one of the important steps of secured mortgage lending activities. This is also the first activity the bank considers your ability to accept a loan.
Currently, in order to fulfill the purpose of their work (buying a house, car, investing in business expansion...) many individuals and organizations often go to banks to take out loans. In a bank loan, the first thing you must have is to have collateral. The more valuable the collateral, the higher the credit limit for the loan. On the contrary, the lower the price of the collateral, the more volatile the asset value according to the market trend, the lower the loan limit, and it is difficult to meet the desired needs of customers.
Thus, appraisal for a bank loan is the inspection, consideration and analysis of the collateral by the bank or valuation company (red book, red book, right to contribute business capital, savings book, etc.) ) to determine the loan limit for customers.
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