Many new loan novices are probably worried about borrowing money from a bank to buy a house, build a house, or use it for any other purpose. because they do not know the steps in the operation Plus the fear that the loan will not go through, which actually is not difficult to borrow. You just need to study the process and know the documents you need to apply for a bank loan. The details are as follows.
Preliminary documents that must be prepared when applying for a bank loan
1. Identification card or government official identification card (original with copy)
2. Copy of house registration (original with copy)
3. Certificate of name-surname change (if any)
4. Copy of marriage certificate/divorce certificate/death certificate of spouse (if any)
5. Original salary slip for the past 3 months
6. Original statement for the last 6 months
7. Copy of evidence of closing credit bureau accounts (if any)
8. Bank book page (account where salary enters)
9. Salary certificate
Prepare the documents and go next.
It must be said that the next step to the destination or even the starting point will depend on the purpose of the loan. Typically, the purpose of borrowing money from a financial institution that people like to borrow is a few things, such as a home-condo loan, home building, home repairs, and renovations. Home loan, car loan, business loan, etc.
Each type will use documents in the preliminary steps as mentioned above, but may differ with other details such as interest, difficulty, as well as additional documents, etc., depending on the bank we choose. Therefore, the details must be separated by type of loan as follows:
loan type
1. Borrow money to buy a home
The first step of buying a house and condo is to choose a home that meets your needs, taking into account location, price and facilities, or even the reputation of the developer, etc., and then try to calculate the loan amount that fits your ability. first Including preparing money in advance for down payment, expenses that come with the transfer various fees, then deposit the reservation and make contract to buy and sell with the project
After that, go into the process of requesting a loan from the bank. In which the method of choosing a bank is mainly considered from
– The bank with the lowest interest rate Most of them are state banks, such as the Government Housing Bank. and Government Savings Bank You can view updates on home loan interest rates here.
- regular bank to increase the chances of getting a high loan amount
– The bank closest to the property to be purchased operation will be fast because the bank will know about the real estate that we want good
When choosing a bank, then bring the above documents to apply for a loan with the credit department to buy a home. of that bank to express a request for a loan Then the officers will go to survey and assess the price of the house that will be mortgaged as collateral. and notify the results of the loan approval
If the loan is approved must contact the staff to sign the loan agreement and mortgage contract Make an appointment to do the mortgage law at the Land Office. Transfer of ownership and mortgage of land When all the steps are completed, the bank will give a cashier's check for us to pay the remaining balance to the project. And in the future we will have a duty to pay installments to the bank every month.
2. Borrow money to build a house
For a home building loan, the details are different from a home loan. because borrowing money to buy a house Just having financial documents that can be submitted to the bank to assess the loan can be borrowed.
On the other hand, home building loans require more consideration and additional documentation. To assess the value of home construction such as a house plan, contractor contract, land title deed, construction permit, etc., which is recommended to read more at How to borrow money to build a house Loan with any bank, easy to pass
3. Borrow money for repairs, renovations, additions
In fact, borrowing money to repair, renovate, and improve a house is not much different from a loan to build a new house. Because it was done on the same land as well, what was different was in the matter of the loan amount that the bank would let us. Of course, it's less, at 85% of the appraised value. For all supporting documents required to apply for a loan, you can read more at Prepare documents to apply for a loan to build a house, renovate, repair a house by yourself easily.
4. Business loan
Many commercial banks offer opportunities for those who want to build their own businesses. There are a variety of loans available, such as general business loans, international trade loans, loans for small entrepreneurs, SMEs, and loans for those who want to borrow money to build dormitories, apartments, mansions or hotels. It is classified in the category of loans for entrepreneurs. under various names according to each bank, etc.
We will talk only about borrowing money to build a rental property, what documents are required. Of course, the introductory documents that we recommend. There will be more borrower history and experience in doing business In the case of natural persons, in the case of juristic persons such as a copy of the company's certificate (not older than 3 months from the date of issuance), a copy of the list of shareholders, a copy of the memorandum of association, a copy of the identification card of the authorized signatory, etc. how to borrow a loan to build real estate for rent
5. Borrow money to buy a car
For those who want to buy a red car but can't pay in cash immediately. Borrowing money from a bank or financial institution to buy a car is another way to help you. Most of which are popular to borrow money from finance. due to lower interest rates It takes less paperwork than a bank loan.
However, borrowing money to buy a car from a bank has the advantage of being the owner of the car immediately. While buying through finance, we are only the holder. If anything happens, it may lose more than before. As for the documents used for applying for a loan from the bank, there will be documents such as ID card, house registration, account book, financial statements for the past 6 months, salary slips. or salary certificate as mentioned above
After the document is ready Then contact the bank that wants to borrow, sign the documents and wait for approval from the bank for no more than 5 days. Once approved, you can borrow money. But it will say that borrowing money to buy a new car will not get the full loan price. and must pay a down payment of 15-25% of the car price
Finally, no matter what the purpose of the loan is The first thing we should do to be able to get a bank loan is to create a beautiful financial history. Because once your financial history is good, whether it's a salaryman or freelancer, it shouldn't be a problem, especially when it comes to borrowing money to buy houses and condos. or borrowing money to build a home
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