What should you know before buying your first house in Thailand?
Home Buying Information
How to buy a house, apply for a home loan, what must be done?
Step 1 Properties of Borrowers
People who will be able to borrow a house Social Security must be submitted for one year or more. If moving jobs but social security is not broken and through a promotion, you can buy a home loan from the bank. If you work full time, even though your salary is large, but you don't have social security, you won't be able to borrow a house from the bank.
Base salary If you work regularly with a low salary, you can buy a house but need to use a co-borrower. To get a higher credit limit for home loan.
The co-borrower is only a sibling, parent, family member of the same bloodline. Or the boyfriend can be married, registered or unregistered Can joint borrowers for up to three people.
The cost burden on the system. For example, home loan, car loan, motorcycle payment Or credit card The calculation must not exceed half of the base salary to be able to buy a home, but will have to use the co-borrower to raise the credit limit. If the calculation of the burden on the system exceeds the base salary, even if there is a home loan benefit, the home loan cannot be bought from the bank.
Blacklist or bureau If you have ever blacklisted or have had a history of more than three months late delivery, you will need to close your credit first and wait 4-6 months to apply for a loan with the Government Housing Bank.
Home loan welfare with the Government Housing Bank or Government Savings Bank. The advantage of having a home loan benefit from a bank is that they can borrow 100% of the appraised value. However, it depends on the borrower's approval limit. And now there are some banks that can borrow 90% to 100% of the appraised value without the need for home loan benefits either.
Decoration recovery For refurbishment borrowers, some banks will need to work two years or more, but some banks don't have to be able to apply for a refurbishment loan. The advantage of a furnished loan will push our home loan credit up to 5% to 10% to no more than 10%.
Step 2 Documents to apply for recovery
Preparing documents for a home loan is very important. If you want to buy a home loan, all you need to prepare is the required documents. Must be prepared to apply for a home loan Because the home loan takes about 45 days if we prepare the documents late. This will increase the duration even longer.
A copy of house registration, ID card each.
Salary slip for the past 3 months
Statements for the past 6 months
Closing documents, if any. In case of blacklist display
Certificate of welfare.
In case of filing a loan with the Government Housing Bank, the house registration must be used on every page.
If the name-last name has been changed Bring some documents.
If marriage is registered, a marriage certificate and spouse's documents are required. Is a copy of house registration And one set of ID cards for each spouse.
Step 3: Requesting a credit check
The advantage of requesting a credit line check with the bank is that it will give you a look at the house at the price specified by the bank. The credit limit of each person is not the same base on the salary and the burden of expenses in the system. When you know the limit, you will not waste time looking at the house. Many people do not know their credit and apply for a home loan and they fail because the home loan exceeds the price of their credit limit. Causing a waste of time to submit a loan Submitting a credit check with a bank should go to several banks. Because each bank will give different limits And will study interest and promotions of all banks as well Except for those who want to use the home loan benefit only.
Step 4: Choose a home
Choosing a house is important as well. Because one house, we will have to spend 30 years or more, will have to live with what we choose for a long time. The thing to keep in mind when choosing your house is:
Price The first thing to consider is the price. When the approved limit is known View the house according to the credit limit set by the bank
Home style that you want to be a detached house A townhouse Is it a two-story or one-story townhome, or will it be a twin house
Number of bedrooms and bathrooms You will need to calculate how many people will be in the house, and you will also need to choose the size of the bedroom and bathroom to fit the person in it.
Location Must travel easily, the car is not caught in the water, does not flood near the market after the community lives well It's not a source of thieves.
New home or second hand house The advantages of new homes and second hand homes are different. You have to consider your personal preferences and needs first.
The difference of a new home and a second hand. A new home is a new home. Everything is new But may have to pay a reservation and a down payment Or have to make a contract As for the second-hand houses, some of them are in good condition, comparable to the new homes. You may have a little renovation or repair and you can move in and most owners don't need to place a deposit or down payment, and documents are ready and you can apply for a home loan.
Strength and durability of the house. You can see from the construction materials of the project. This must be asked by the owner of the house or the project cell by yourself. And before buying a house, you should hire an officer to inspect the house as well.
Step 5: Make a buy and sell contract
After getting the house you want, then place the reservation money. Make a purchase and sale agreement with the landlord. If it is a second-hand home If there is no money to place a reservation, you can negotiate with the landlord. But the disadvantage of not placing a reservation is that the homeowner has the right to sell it to anyone during the time the loan is filed. Placing a reservation is another important thing.
After placing the deposit and signing the contract, bring the documents for the borrower's home purchase, purchase and sale contract and the landlord's title deed to apply for the loan at the selected bank.
After submitting the loan. In about a week, a bank officer will contact you to inform you of the approval result.
When the results are approved, have to wait for an assessment to assess the property of the house that borrows. This step is important because if the estimated price is not reached Price to be recovered Minus the percentage that can be borrowed at the estimated cost, for example, the home loan can be 95% of the appraised value. The house to buy is priced at 1.5 million baht, the appraisal price is 1.7 million baht, the credit limit of the borrower's maximum approval is 1.7 million baht, then 1.7 million baht -95% will be able to borrow 1,615,000 baht, this is just example But if the appraisal price is low, minus -95% and then lower than the selling price, then you cannot borrow a house.
Step 6 Transfer of ownership
After everything is finished, you can make an appointment at the land department of the province where you bought the house. The bank will notify you of the transfer date yourself.
Techniques for getting recovery through
Create a clean income history.
Clear all the debt.
If you have an overdue history All payments must be made.
Do not accidentally pay for the purchase before borrowing.
Prepare documents ready.