When you want to buy a house, you must know how much money do you want to spend? The more money you spend in purchasing a house, the higher the monthly payment you need to pay to the bank or lender. Thus, when a prospective house buyer wants to buy a house, s/he must consider few matters:
Get advice on how much you can borrow from the housing loan section of any bank. Question of affordability is essential determming huw much can you borrow.
Source of funding can come from saving, bank loan, and lands
1. Checklist before purchasing your first home:
List down your requirements for a new home;
A sale price that is affordable to your budget;
Compare market price, location and specification;
Remember that purchasing a house is your second biggest investment after marrying. Don’t rush; and
Visit properties that are on sale. Check through newspapers and online.
2. Search Property To Buy:
Property Search: BUY
TYPES OF PROPERTIES:
The above calculation is a guide only. Further details shall be obtained from bank.
3. Bank Loan Calculations:
4. Documents required for bank loan
Normally the requirement of a bank before considering to give a housing loan, the following information are required;
3 months payslip
S&P agreement/contract agreement
A copy of land title
A copy of approved house plan
Any other relevant documents
5. Sale and Purchase (S&P) Agreement
Property under construction
BN Hartajati Developer will absorb 50% of legal fee provided that the S&P lawyers are from us. Otherwise you pay your legal fees on providing S&P.
BN Hartajati Developer will absorb 50% of legal fee provided the S&P lawyers are from us. Otherwise you pay your legal fees on providing S&P.
The lawyers will advice from start till transaction is completed, and act in your behalf on payment.
Before that seek advice from experts or friends related to condition of property, environment, and other issues.
6. Stamp duty on Loan Agreement
For any housing loan agreement, a house buyer must pay the stamp duty. Some banks absorb this cost, as an additional cost to the housing loan. There are two stamp duties one is stamp Duty on Transfer the other is the stamp duty for the secrow of memorandum of charge (MC)
The S&P lawyer will collect this fee for you on behalf of the Stamp Duty Office. Please ask our sales staff the exact amout before purchasing because the amount you will pay is quite sustantial, since the calculation is based on purchase price.
7. Assurance and Insurance
Details of assurance and insurance for properties and contents shall be studied carefully. Normally the bank will arrange.
8. Property valuation
Normally the bank requires valuation of the property from the bank’s approved valuers.
9.Schedule of Payment of purchasing prise for residential development.
Upon signing of sale and purchase agreement
Within fourteen (14) days from the date of Vendor’s
Written notice of completion of
Reinforced concrete work up to ground floor Slab
Reinforced concrete work up to first floor slab
Reinforced concrete work up to roof beam
Brick wall to ground floor
Brick wall to first floor
Doors and windows frame
Sanitary and plumbing pipework
Certificate of practical Completion less
booking deposit of three thousand