In the case of a mortgage loan for a property with an exemplary value of 200,000, the amount of the required own contribution may vary from 20,000 to as much as 40,000 Usually, of course, the higher the own contribution above the bank’s requirements, the better thanks to this the final amount of the loan will be lower, often, we can also count on a lower interest rate or commission. On the other hand, we must remember that we do not devote all our resources to our own contribution at all costs sometimes it is better to set the excess over the required amount against unforeseen expenses that occur during the purchase of real estate than to freeze it in our own contribution. With ดอกเบี้ยเงินกู้นอกระบบ this is very true now.
Housing loan – low own contribution insurance
But what if we do not have the amount of own contribution required by the bank? And whether a mortgage with no own contribution is possible at all? The answer is not unambiguous, but for all those who are struggling with the problem of low or zero own contribution we have good news: there are ways to deal with it and get a loan for an apartment.
The most reliable solutions include four:
Loan from relatives – if our parents or grandparents are able to lend us funds, usually without interest, it is worth considering using this option.
Insuring low own contribution is, in turn, an offer prepared by some banks that want to meet clients who meet all other criteria but do not have adequate savings. This insurance increases the final amount of the loan and its costs, but in return the bank lends us not only money for the purchase of a flat, house or its construction, but also for the own contribution required by law as own contribution,
Securing another real property – if you own a house, flat or land, the bank may consider it as a security for the loan and cancel the requirement to make a contribution. What is important, a mortgage cannot be established on behalf of another lender on such a real estate and it cannot also have a personal easement. Many banks also agree to secure also in the form of real estate belonging to another person – for example, parents or life partner,
Securing a plot for building a house – if you already have a plot on which you want to build your dream home, it can be your own contribution. Of course, it cannot be charged with another loan, mortgage or easement. This is a popular solution, while the value of a plot is usually the amount specified on the notary deed. However, if we want to increase the amount of own contribution or know that the value of the plot has been increased; we can use the services of an expert.
How do you calculate the creditworthiness for a mortgage?
Another important issue is the calculation of creditworthiness, based on which we will be granted a loan for an apartment. What should you know about creditworthiness, its calculation and building? Above all creditworthiness consists of many elements, the most important of which are:
Income on a monthly basis,
Type of contract under which we are employed whether it is a contract of employment for a definite or indefinite period, a civil law contract or a contract,
Monthly liabilities like fees, subscriptions, credits and loans,
Monthly maintenance costs.