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House, condo or residence is the first goal of humans like us. It is an important and necessary factor for life that has a great influence on well-being. Overall environment Banks usually lend to people with regular income. Have a base salary Have a stable income The working age group is 22-25 years with a regular salary of 15,000 baht or more and no debt burden. Will be the main target group of banks that will lend money easily because this group of customers Will have the ability to pay in installments with the bank in the long term. That means those who have just graduated. just started working Can plan about The process of buying a house, buying a condo, or your first residence is easy. But you should study the home loan process and understand the various methods and steps in order to plan for buying your first home first. In this article, we will introduce 5 steps to getting a home loan. How to pass smoothly?
5 steps to get a loan to buy a house or condo to succeed
1. Explore your own ability to apply for a loan.
When wanting to borrow to buy a home Knowing the trends in house prices and your ability to pay in installments is important to help us choose a home that suits your income. There is an accepted calculation formula for evaluating borrowing ability as follows:
Formula for calculating the house price that can be borrowed: Monthly income×(60 times income) = price of the house that can be borrowed to buy
Calculation example:
Monthly income 25,000 baht x 60 times income = 1,500,000 baht (house price that can be borrowed) usually Banks allow borrowers to purchase a home at 30-40% of their income, so it is necessary to calculate whether the debt to income or DSR (Debt Service Ratio) is overdue or not.
Formula for calculating ability to pay in installments (DSR): Monthly income × (30% or 40%) = Ability to pay installments.
Calculation example:
Monthly income 25,000 x 30% = 7,500 baht
Monthly income 25,000 x 40% = 10,000 baht
Debt burden includes car installment payments, mobile phones, electrical appliances, etc. Suppose you have a monthly telephone installment debt of 2,000 baht. Your ability to repay debt will be only 5,500 – 8,000 baht. There will be a formula for calculating your ability to pay off debt. recover Method for evaluating borrowing ability. In general, banks will use the installment rate of 7,000 : loan amount of 1,000,000 baht*, which borrowers can use to calculate the home loan amount that they are likely to receive and their ability to repay debt using this formula.
Formula for calculating your ability to borrow if you have debt: (Ability to repay in installments x 1,000,000) ÷ 7,000 = Price of the house that can be borrowed
Calculation example:
(Ability to pay in installments 5,500 x 1,000,000) ÷ 7,000 = 785,714 baht (house price that can be borrowed)
(Ability to pay in installments 8,000 x 1,000,000) ÷ 7,000 = 1,142,857 baht (house price that can be borrowed)
This is a survey of your own ability to apply for a loan. From different calculation formulas to know the initial price of the house that we can borrow. More details of the bank can be found at the official website of the bank.
2. Create a beautiful financial history
Home loan potential does not only depend on income. Careful management of money and financial lifestyle is also important. Since banks often check statements or bank accounts for the past six months, having a regular balance in your account is a tool to help reflect your financial potential.
For those who work as freelancers or being a merchant that receive income on a one-time or daily basis Regularly transferring money into your account gives the bank more visibility into your financial stability.
Therefore, manage your money with discipline. And maintaining a healthy bank account is the right thing to do. To prepare yourself for applying for a home loan in the future.
3. Compare bank offers
When you are ready to apply for a home loan. The next important step is to compare and research different banks. To find the most suitable option in making comparisons You should consider the following:
- Loan Amount: You have to look at the initial loan amount percentage that the bank assesses for you.
- Interest Rates: Different banks have different interest rates. You should choose a bank with an interest rate that suits you.
- Fees: Many banks have fees to pay such as insurance fees, property appraisal fees. and other fees
- Loan Duration: You should check the loan duration at the respective bank. and see if it suits your needs.
- Installment payments: You should consider how much installment payments you can pay without taking on too much debt.
- Additional offers: Life insurance, MRTA loan protection and other offers can be considered. That bank has
Once you have compared and considered all the information. It is recommended that you apply for loans from at least 3 banks to increase your chances of getting the best loan for you.
4. Prepare documents for loan application.
Applying for a home loan with a bank requires several proofs to prove your financial ability and income. This evidence includes payslips. work certificate or other documents required by the bank
Being well prepared is the most important thing. To make the home loan application process smooth and fast It’s also better if you can prepare evidence in advance and get documents approved early on. This will help the process get completed quickly. Especially for agencies that have a process for requesting documents that takes a long time to process.
Therefore, preparation and planning in advance is something that should be given importance. So that you can get the house you want. and gives you confidence in applying for a home loan for your home.
5. important documents you need to prepare for your first home loan
When you head out to get a home loan You will need to prepare several types of documents to verify your financial ability and creditworthiness.
- Personal documents
– National identification card or government-issued card
– Name change certificate if name or surname has changed
– For married couples, a copy of the marriage certificate and ID card of the spouse.
– Including a consent letter asking for interest from the spouse that must be attached to the contract.
- Financial documents
- For full-time employees: Salary certificate, payslip for the past 3 months, copy of account statement for the past 6 months.
- For business owners or self-employed persons: Copies of account statements for the past 12 months, original evidence of other financial matters such as business registration, evidence of tax payments, business photographs, and copies of professional licenses.
- Letter giving consent to check the status of overdue payment history
- Collateral documents
- Purchase and sale agreement letter and deposit documents which is what the bank takes into consideration
- Documents of co-borrowers (if any)
- In the case that the borrower is a relative such as a sibling or spouse, documents showing identity and income must be submitted, as well as documents consenting to a credit bureau check on past payment history.
5. Prepare the down payment and other related expenses.
Prepare a down payment for purchasing a home or condominium. Important things to know When you decide to buy your favorite home or condo. There is one important thing you should prepare for a good start: the down payment amount. and other expenses
Preparing the down payment for purchasing a home or condo is the most important thing. To use as a down payment or other expenses such as mortgage fees, area assessment fees, or common fees, etc.
Home loan conditions: Although this year there will be LTV relaxation measures and free down payment promotions. But on average, banks will lend up to 90% of the house price, so you should prepare a down payment of at least 10 – 20% of the house price you choose.
Example of down payment calculation: For example, a house priced at 4,000,000 baht requires you to prepare a down payment of 10% or 400,000 baht or an average monthly down payment of 40,000 baht.
Other costs to consider:
- Transfer day costs: mortgage fees, stamp duty, area assessment fees.
- Expenses when starting to move in: water and electricity meter registration fees, furniture costs, additional living expenses.
- Maintenance costs: Common fees, fire insurance, home improvement costs, life insurance.
Careful preparation and planning will help you prepare to confidently own the home or condo you love. Wisdom Real Estate a real estate service provider, buy, sell, rent | house consignment, free consultation, takes care of every step from Apply for a loan until the transfer date.
