Smooth Lean Process As per Your Expectation

If you have ever considered having “where to put your head” and that is something of your own, you will most likely have seen credit options to buy housing. But how do you know when it’s really worth taking one of these loans?

Tips to know if it’s worth a mortgage Tips to know if it’s worth a mortgage

The four best options for you to save at home

Buying a new house is one of the main plans and dreams of many people, because reaching a certain age knowing that you have a ‘roof of your own’ is a very rewarding feeling. The issue is that the money needed to buy an apartment or a house is exceeding $ 100 million, a figure that is not acquired overnight, and to save them, they would have to spend years to achieve what is needed. The use of the good at mortgage loan Singapore is there now.

This is why people prefer to borrow and acquire a loan that guarantees a short-term acquisition and much faster. This type of credit is called mortgage and can be accessed to acquire a new or used home, office or commercial space, remodel or build it. According to figures from DANE, the National Administrative Department of Statistics, the number of mortgage loans for the first quarter of 2016 was 1,016,260, with an annual increase of 3.8% with respect to 2015 when 979,483 were registered.

Among other benefits of acquiring a mortgage loan is that of having life insurance. Thus, if you as a debtor dies or suffers some disability, the insurance will cover 100% of the balance of the loan (or another amount) or there is also the option to insure for fire and earthquake, which will help cover the losses or material damage suffered the property due to natural contingencies. These insurances, according to Asobancaria, are obligatory and must be provided by the financial entity when it acquires the credit. The use of the most trusted money lender in Singapore comes easy now.

On the other hand, if you must declare income you will get a decrease in the tax base for the withholding tax on the interest paid for the mortgage loan. Also, if you have made your contributions through an AFC account, the same will happen.

Requirements to buy it

According to the entities consulted by Personal Finance, these are the characteristics of the credit that financial entities usually request:

 

  • Be between 18 and 70 years old
  • Minimum commercial value of the home between 20 and 40 SMMLV
  • Maximum amount of financing up to 70% of the value of the property
  • The first installment cannot exceed 30% of the income of contributors or family members
  • Minimum financing terms five years maximum 20

In addition to the features that we already mentioned, Cubillos  recommends that before applying for a mortgage loan you should review the housing project you want and its cost, as well as your ability to pay, debt and savings, the latter because buying a house should give the initial fee and for this the best thing would be to save. Well, finally, all this will have to prove to the financial establishment with a labor certificate or with the report of their income.