1. Do you have a current cumulative amount at least 30% of the property value. Ideally this should accumulate funds reached 50% of the home's value. Loan ratio of 50% of assets are considered financial pressure just right, not too stressful.
2. Memorize the golden rule - fixed capital, the bank interest but often float. Currently many banks offering attractive preferential interest rates: 7.5-8% a year but applies only in the first 6-12 months. From the 13th month onwards, interest rates will be adjusted to increase 3.5-4% depending on the bank.
Therefore before to watch carefully mortgages variable rate for the following year under the credit agreement. Bank employees should seek advice about borrowing costs over the years.
3. Maintain a steady income in order to create a strong financial base to repay bank debt (including capital and interest). In parallel, investors, homebuyers and families need to increase income from secondary sources to to make sure whether the interest rate increases may also pay principal and interest.
4. Self-assessment of solvency
The most important thing is that buyers need to assess your financial ability to minimize the inability to pay debts.
5. Should buy the house has an area of sufficient for family members to use. Installment buying a house is too wide, excess many areas, means that families must hunched pay debt principal and interest is not necessary.
6. The term of the loan package is also very important. When you have a bank loan, the loan over 5 years have the same interest rate. Therefore you should choose the longest time possible loan to reduce the monthly principal lowest.
7. Proactively deal with floating-rate trap. To accomplish this, homebuyers must estimate the assumption that interest rates could rise to 30% as well as a number of unforeseen costs sudden surge. Thus, after deducting the monthly household expenditure, the remaining amount must be guaranteed 150% of the money to pay the bank. For example, you pay 8.8 million dong a bank, you must have a residual amount of 13.2 million monthly to prevent situations can surprise interest rate increase.
8. Note the terms of interest rates early repayment penalties. Usually the home loan, up to 80% of customers usually pay off the loan in the first 5 years, it is often a prepayment penalty. This paragraph mortgage borrowers pay less attention and heavy fines of 1-3% on the early repayment amount. Once banks offering low interest rates they usually come higher fines to offset losses original preferential interest rates. If the project is selected that the banks do not penalize early repayment, you also save significant expenses
9. Survey thorough prices
There are 2 types of apartments currently under construction that projects or projects already inhabited. With each type of home would have fit a separate price survey. If you are exploring an apartment was inhabited, to survey the price, look for information on forums or trusted sites. Or else, can also come directly apartment and asked people who live around or acquaintances within that area (if any). Doing this will help you have more information needed.
With cases want mortgage at a construction project is still, learn the information on the website of the prestigious real estate .The information on the project area, the investor, the type of apartment or incentives to customers will be fully on it.
10. Learn clarify project information
- Utilities and location of the project: Need to know the apartment was fully guaranteed for life extensions such as parks, supermarkets, schools, hospitals ... yet? The project is located in a noisy location or quiet, order and security situation of the region was, where your apartment is close to the center to work or not, the infrastructure has been flooded or have existed waste problems, environmental pollution and population density do not like? ...
- The price and conditions of payment: check or verify prices, quality apartments for the finished apartment will be easier through the direct questions of the residents living there. As for the project is in the construction process, the contract with the investor should have an appendix attached to its commitment to the handover period, no costs incurred, for quality assurance as well as the Additional amenities of the apartment ...
- Check on the legality of the apartment: Ask the investor sends one copy of the legal information related to the project (such as construction permits, investment ...). Apartment absolutely must owned by investors.
- These types of costs: contracts should be carefully reviewed for cost but parking costs, management costs ... as well as parking standards to limit encounter unnecessary troubles.
- Prestige and capacity of the investor: The prestige and capacity of the investor is expressed through the work quality, the delivery schedule, the number of years of industry experience, customer reviews projects made earlier ...
- The Promotion: The promotion forms are also many investors given as: support loan procedures, increase the percentage discount, giving the interior the package or reducing the payment schedule to enable demand for the project. Thanks to this promotion, investors also sold faster and home buyers also enjoy certain benefits.