Choosing a Home Ownership Loan (KPR) is almost as complicated as when you determine the choice of home to be purchased. It's nothing, nowadays almost all banks offer mortgage facilities including attractive promos, ranging from low interest rates to fantastic gifts that make you tempted. Nonetheless it is advisable for you to be super careful and conscientious.
Just wrong you choose a mortgage for a dream home, inevitably you have to undergo a tenor installment that has been approved for decades.
So before choosing, it's a good thing to know some important tricks below:
1. Find Out Information of All Mortgage Dealers
There are dozens of banks that distribute credit for housing. Take your time to find out about the advantages and disadvantages of each bank. Make sure you know the details about interest rates, application requirements, and the ease with which you can receive.
Be thankful that you live in the internet age where you can visit the website of each bank and can save time instead of having to visit the bank directly just to get information.
In addition to looking for your own information, it is advisable to ask friends, relatives, or neighbors who have taken mortgage facilities. This information is usually very valuable because you know directly from the first hand mortgage customers.
2. Know the prevailing interest rates
Usually banks impose several types of interest systems on mortgages, namely fixed rate (fixed), floating rate (floating) and a combination of fixed and floating rate. But most banks prefer to use a combination system to attract mortgage customers.
This combination system means by imposing a fixed interest rate for several years at low interest rates, after the time runs out, the interest rate will move in accordance with the interest conditions in the market determined by Bank Indonesia (BI) aka floating rate.
Especially mortgages distributed by Islamic banks usually adhere to a flat installment system alias fixed because it does not use interest rates, but revenue sharing. Make sure you can choose which flower system is best and suitable for you as well as the pockets.
3. Calculate Installment Interest Rates
Well after you know the interest system imposed by the bank, it's time to make mortgage installments. Don't be lazy to make your own count. If the bank gives a light interest promo aka fixed rate of 9 percent for 2 years, you should know how much mortgage installments after the "honeymoon" period is completed.
Make sure you know what is the highest mortgage interest in the bank in question. These calculations are very important to avoid you experiencing heart games because the installments change to the extreme after the promo is over.
4. Ask a lot of questions
Adagium if embarrassed to ask misguided on the street is indeed true. So before you get stuck choosing the wrong mortgage, you do not hesitate to ask bank employees or mortgage dealers. Some questions that must be answered for example:
- What is the late payment of mortgage payments?
- How is the mortgage repayment process before the installment tenor ends?
- The highest interest on mortgage facilities at the bank after the promo ends?
- The mortgage application process and the files that must be completed?
- How much does the mortgage process cost?
- And others
Don't be afraid if you are considered chatty. Usually the bank will be happy to answer all your questions.
5. Always Compare with Ability
When you make the decision to apply for a mortgage to the bank, you must make sure that you are able to meet the mortgage installment until the tenor time runs out. Don't let you just pay a few years later into default. As a result it is quite fatal because the dream house can be confiscated by the bank and you suffer losses.
Credit installments should be "only" 30 percent of the total monthly income you earn. More than that amount means your finances are in danger. We recommend choosing a mortgage with low interest such as BRI Agro Griya mortgage, Mandiri KPR Tiered Installment or CIMB Niaga X Tra mortgage.
Prepare a Mortgage Plan Well
To prevent this, it is recommended that you be sure of your mortgage count. If the installment amount is still considered large and burdensome, you can pay a down payment (DP) with a larger amount as a solution. Do not want to be complicated looking for a mortgage in the bank, just check here, easy and fast.
Well, congratulations on the mortgage hunt.
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