Each home purchase decision is vital to our lives. Because it’s a big asset purchase and probably doesn’t have the opportunity to buy it often. Many people may not have had experience before. Therefore, there was a concern as to how to proceed for a home loan like a syndicated loan (กู้ ร่วม ซื้อ บ้าน which is the term in Thai) for instance. What must preparations be made so that we can borrow money without problems? Let’s see the simple steps in the purchase of a house; how to proceed?
- Prepare Loan Documents
Banks usually ask for information and documents to see who you are. what is your occupation, how much is your income, how much can you borrow? And where do you want to borrow money to buy a house? How much is it worth? Therefore, the documents that we will need to prepare are complete. Copy of ID card Copy of house registration Salary slip and savings account for at least 6 months and house information that we will buy. Whether it is a map, land title deed, purchase and sale contract, or deposit
- Find Out The Interest Rates And Comparative Fees Of Each Bank.
Of course, each bank provides interest rates on loans and different fees. You should check and calculate the value of each bank’s offer, such as the loan amount percentage of the appraised value or the purchase price—interest rate, which is the fees that you have to pay loan term installment etc. Initially, we should calculate what type of offer is suitable for our needs. and apply for a loan from at least 3 banks
- Submit Documents, Wait To Hear The Results From The Bank, And Choose The Bank That Meets Your Needs.
After you submit documents to request a loan, the bank will consider the interest and credit limit according to our risk and burden. If you are good customers, there is not much debt in life. Plus, if you are a good money-seeker with money coming in all the time. Having a clear and stable income source, the bank can approve a considerable loan amount. Including a lower interest rate; on the other hand, if the bank sees financial risks because of unstable income not ready to be in debt, The bank may reject the loan request or may not provide the amount and interest that we want.
- Inspect Home Transfer And Mortgage
Once the loan has been approved, do not forget to make an appointment with the seller to inspect the house to ensure it is in a ready-to-transfer condition. Once everything is in order, an appointment is made between buyers, property sellers, and the bank you borrowed from to do trading and mortgage matters at the district land office. Everything will be done in front of the staff.
The bank will hand the check to the seller for payment. The seller will transfer the ownership of the house where we have to make a mortgage that the bank is the payer and we are the bank debtor to pay the loan under the contract. The bank will keep the original title deed until you can pay off all assets, and then you will come back later for the house key to be able to stay.