You have found a dream home and are now busy taking care of the management of Home Ownership Loans (KPR) to buy it officially. Surely at that time you are happy and can't wait to occupy the house as soon as possible.
But for a moment, before your happiness ends in disappointment it's worth looking into the contents of the bag to make sure you have extra money. You know, why? Well because you still need extra money for mortgage management which is quite a hefty amount.
The cost of mortgage management is often overlooked by prospective mortgage applicants. It must be admitted that the bank is often less transparent to explain that there are additional costs of mortgage management that must be levied from mortgage applicants.
The condition is exacerbated by the appeal of housing developers who like to give sweet promises to prospective buyers that all they need to prepare is a mortgage down payment that is quite affordable. In fact, the prospective buyer actually has to pay the cost of the stewardship.
Well for those of you who happen to be planning to buy a house, it's good to know five additional costs incurred for mortgage management.
1. Notary Fees
Both housing developers and banks have their own notaries who manage various documents such as buying and selling certificates (AJB), mortgage agreement deeds, certificates, name duty and others. The cost for these notaries is quite high and those who have to pay for their services are prospective mortgage applicants i.e. yourself.
There are several solutions that can be done to reduce the cost of this notary so as not to be too high, for example looking for relatives or friends who work as notaries to help you.
Another way can also be by negotiating with the housing developer for a joint pay notary of mortgage management. Try to negotiate this when you negotiate about house prices. Quite right, if you are lucky you can save up to five million rupiah.
2. Sales and Purchase Tax
Prospective mortgage recipients must also spend money on sales and purchase tax costs. The amount of sales tax is 5 percent of the total transaction. While the purchase tax is usually called land and building rights acquisition duty (BPHTB) which is 5 percent of (transaction price minus the selling value of non-taxable tax objects or NJOPTKP).
For example, if you buy a building that has NJOPTKP worth Rp 100 million, then the tax you have to pay is 5% X (total transaction-Rp 100 million).
Sometimes many home sellers don't know they have to pay sales tax, and eventually the tax fee is charged entirely to the buyer. So you have to be super critical to check it out.
3. Provision Fee
This provision fee is 1 percent of the total mortgage loan you apply for and must be repaid before the mortgage loan agreement is done. For example, if you apply for a mortgage ceiling of Rp 500 million, then the provision fee is Rp 5 million.
Does the provision cost mean administrative costs? That's right, it means the same that the bank will use the fee for the administration of mortgage management. The provision levy is done only once until the tenor of your mortgage installment runs out.
4. Life Insurance Costs
Make no mistake, the bank is still worried if you can't afford mortgage installments because you suddenly died. That's what makes the bank feel important to insure you. The problem is, you have to pay for life insurance itself.
If you die, the insurance company will pay all your mortgage installment debt to the bank. Your heirs no longer have to pay, and the bank also does not suffer default losses.
The cost of life insurance is very dependent on the age of the mortgage applicant. The older you age as a mortgage applicant, then automatically the cost of insurance that must be liability is also more expensive.
5. Fire Insurance Costs
This is actually not mandatory alias required. But sometimes prospective mortgage applicants do not have time to refuse when the bank asks the mortgage applicant to pay for fire insurance. The amount of fire insurance also varies. It depends on the insurance company where the mortgage provider bank cooperates.
Some say the cost of mortgage management sometimes reaches more than 5 percent of the total mortgage ceiling itself. So it is recommended that you critically and smartly negotiate to reduce the burden of such costs.
Prepare Carefully
In using a mortgage, you are not only charged installment fees. Behind that, there are still many other types of costs that must be met by prospective debtors. Learn the costs, and prepare them all appropriately. If you don't want to come to the bank to find out, try to find out here.
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