Tips Buying House In Credit

June 2nd, 2010 by kire | Filed under Home Improvement tips

If we can not to buy or make a home in cash, apply for credit to a bank is the solution. The following are things that need to be considered when will submit credit:

1. Your income

Maximum loan that can be given to you are calculated based on the “three plus one”, that is, three times per year the main income plus one times the second income per year. For example, if the husband’s income of USD 6000 per year and you earn USD 3600 per year, the bank will provide up to a maximum loan amount of USD 21.600.

2. Loan or debts currently

If you currently have a debt, with a monthly debt payment, such as credit card, the bank will automatically reduce the amount of loan can be granted based on your income. Why? Because the liability to pay the monthly installment reduces your ability to pay the loan installments. Limit on the total monthly debt that is considered safe by the bank amounted to 30% of the total monthly family income. If your current debt is big enough, then the less likely to get new loans from banks.

3. Nominal own financing

There is one thing you need to remember when applying for loans to banks, is a nominal credit to be given to you will not reach 100% value of house prices. In general, banks will only be paying approximately 70% of the price of the house, so that the remaining 30% must be your own finance. 30% of this value is usually called as down payment, and paid to the developer or the home seller.

4. Your financial history

If you ever have a history of bad debt, will be harder for you to get a loan from the bank. Because when your home loan application is received the bank, the bank will immediately look for the data history of your debts in the past, such as installment debt is delinquent, until recently, to the history of lending and borrowing in the court case. These are all factors in default risk that will affect the size of loans provided by banks.

5. Sustainability of your income

Banks prefer working lives of the prospective borrower with a more stable and enhance their career quite well. At least the company you work for now, during your employment has been more than two years and was appointed as a permanent employee. If you do business entrepreneur, at least two years of running businesses, considered quite safe by the banks in providing credit.

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