Sttmigas Safe Tips For Applying For A Bank Mortgage

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There is nothing wrong with borrowing money from a bank if you need large and urgent financing. If you have debts, you can at least enjoy the results of the goods or property more quickly.

If you want to buy a house for IDR 700 million right now, imagine how long it will take you to own it in cash. In addition, house prices will continue to increase every year. Debt will also train the discipline of saving. But do not forget to adjust the debt according to your solvency.

The general public knows a lot about bank loans. Among them are housing loans (KPR), apartment loans (KPA), car loans (KKB), unsecured loans (KTA) and non-purpose loans (KMG). If you are applying or looking to get this loan, consider the following tips:

Safe mortgage tips for banks

In addition to mortgages, these tips are also useful for those applying for loans from other banks, both short-term and long-term. These tips will make paying off your debt easier.

1. Choose the lowest annual rate (APR).

The APR is the total annual interest rate you pay on bank loans. The annual percentage rate (APR) includes all costs associated with the loan, such as loan interest, credit analysis fees, filing fees, investigation fees, notary fees and more.

These loan costs are often overlooked, even though they have a big impact on the amount of debt you have to pay off. Prospective borrowers generally “shine” with low loan rates or interest rates despite high additional fees. Check out the fees you have to pay when you take out a bank loan!

If you want to borrow money from a bank, it’s a good idea to ask about the bank’s APR. This is because the annual percentage rate (APR) analyzes all the cost elements and converts them into an equivalent interest that is charged annually. Choose the lowest APR you can get. The more fees you pay, the higher your APR will be.

2. Find loan interest offers

The amount of interest on the loan is usually a special consideration when applying for a bank loan. Interest costs make up the largest part of all the premiums you pay every month.

The interest on the debt depends on the bank that issued the letter of credit. For this type of unsecured loan (KTA), the interest charged is higher than for secured loans. KTA usually charges 10% to 20% per annum depending on the maturity period.

Since this type of debt does not require collateral, the interest on KTA is higher, so the risk of losing the bank is greater. There are several ways to calculate interest on a loan. For example, a fixed-rate calculation applies to short-term KTA, so if you borrow a KTA with installment interest of 2% per month, you will pay 24% interest in the same year.

For KMG loans, interest costs range from 9% to 12% per year, while KPR loans from 7% to 12%. Banks use fixed interest rates for a certain period of time, usually from 1 to 3 years. After the expiration date, the interest rates will fluctuate each year according to the rise and fall of Bank Indonesia’s base interest rate.

For more information on how to calculate bank interest, read our article here!

Loan interest is a significant burden on your annuity, so you should look for a bank program that offers special interest rates. An example is BukaRumah for those who want to buy a mortgage house. BukaRumah is a feature for buying and selling houses and apartments on Bukalapak.

3. Check your solvency using the mortgage calculator

Before opting for a bank loan, you must first check your ability to repay. Those looking to buy a house can use the BukaRumah mortgage calculator. If you want to know more details, you can ask the bank teller how long you have to pay each month and the amount of the installments.

Bankers perform loan simulations to estimate the amount of loan repayments you must pay each month or year over a period of time. It also shows the amount of credit your bank can offer based on your income.

4. Opening an account in this bank is easier.

In addition to administrative requirements such as photocopies of ID cards, family cards, payment notes and tax payers (NPWP), banks usually require deposits from each bank. Some banks require payment of wages through the bank. This salary requirement is usually placed on this type of unsecured loan (KTA).

5. Choose payment terms and flexible loan terms

The loan repayment period shows how long it will take the bank to pay the funds in your account. Exchange times vary from bank to bank. However, in general, the average credit that can be spent is 1-2 weeks.

The due date is usually the due date of the monthly installment. For example, if your balance is paid into your account on the 15th, monthly payments or withdrawals from your account will also be scheduled on the 15th of each month. So check your payment times, which are also collection dates, based on your cash flow.

On the other hand, the loan term is the debt repayment period. The longer the maturity, the more interest you will have to pay on the loan. The longer the loan repayment period, the greater the risk of loan default.

Don’t get confused when buying a house and know the difference between PPJB, PJB and AJB.

3 Mortgage Interest Calculations You Need to Know

6. Credit limit depends on collateral assets

Your credit limit is the maximum amount of credit your bank can provide. The limit value depends on the extent of the property you provide. Also, the size of your credit limit, whether on time or not, depends on your previous credit payment history. For example, with a mortgage, the number of lines of credit provided is determined by the value of the home you are buying. If the limit is lower than the price, you have to pay the rest yourself as a deposit.

To calculate the credit limit, the bank considers the maximum repayment amount to be 40% of the total monthly income, excluding secured assets. The bank also analyzes data or documents such as savings accounts for the last three months. In addition to the interview, the bank checked several references listed in the form, especially the place of work.

7. Build a good credit history

As mentioned above, obtaining a bank loan requires administrative requirements in addition to securing collateral. One of them is credit history, which is checked through BI checks called SLIK (System of Financial Information Services) from financial institutions.

The system displays the customer’s credit history, so you know whether they are overdue or not. This date determines whether the loan application will be approved or rejected. So make sure your name is not blacklisted. This is because your credit may be declined or your interest charges may be higher.

This is secure bank loan information. Hope this helps!