At a time when banks grant loans under more restrictive conditions and the real estate market does not provide a clear picture of the value of real estate, it becomes a real adventure to buy the house on credit.

  1. Choose a bank that requires a small advance

At any mortgage you have to contribute an amount in the form of an advance. This is determined as a percentage of the evaluated value of the property or the sale price. At present, banks require an advance of between 0% and 35%. With the singapore lowest interest rate housing loan the deals get different now.

Some banks will also require an additional mortgage, in addition to guaranteeing the credit with the real estate they bought.

  1. Choose a bank that accepts as many co-borrowers

If your income does not allow you to get all the credit, try to find a bank that will accept as many co-debtors.

Generally, they must be relatives or have the same address in the bulletin. Recently, however, banks have become more permissive. For example, people who are not relatives or do not live with the applicant are also accepted.

There are some restrictions, however. The bank will take into account the co-debtors’ age, and this will limit the maximum period you can get the loan, if those individuals have a few years until retirement.

  1. Compare offers and ask for a more accurate cost simulation

At present, there are very high cost differences between banks. If the best deals, at a mortgage loan of 250,000 lei for 25 years, start at an APR of 11.43%, the most expensive offers have a DAE of almost 30%. The same is true for foreign currency loans. With fast loan in singapore this is important.

Under these circumstances, it is very important to try to get financing from a bank with more favorable cost conditions, so that the monthly effort is as low as possible.

  1. Present all the documents requested by the bank from the beginning

It is very important that the credit file is as complete as possible so get a response from the bank as soon as possible. Ask twice the credit officer if there is no need for any documents before filing the file.

If the bank’s response is extended too long, there is the possibility of no longer obtaining the necessary financing within the time limit imposed by the seller of the building by ante-contract.

  1. Look for a bank that guarantees the offer from pre-approval

Given that changes in interest rates or commissions occur more frequently in bank offers, some of these changes may be applied even if the file has already been deposited with the bank.

Thus, the amount you could have earned from the time you submitted your application may diminish. In order to obtain such a pre-approval, the client must bring only the income documents, and then he can look for the building according to the maximum amount granted by the bank.

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