Taking out a mortgage loan has not become easier in recent years. According to a recent survey by KBC, the average age of the borrowers continues to rise. The number of loans to young adults under thirty years decreases, while the loans to buyers over the age of forty increase proportionally. According to the survey, the average investment amounts have risen: while they used to fluctuate between 100,000 and 250,000 dollars, they are now often higher than 250,000 dollars. One in two borrowers finances more than 20 percent of his project with his own savings.

Closing a mortgage loan is more and more customization. How do you best work?

Beware of expensive by-products

“The banks are not always clear about the discounts they give at their official rates,” says John Romain, the director of the independent mortgage advisor. “The Belgians eagerly buy by-products such as home and debt balance insurance to get a discount on the interest, and they do not always realize that they lose the discount if they cancel those contracts, which means that they have to pay more interest. With one hand, she takes back with the others, so reading the small print is very important.The debt balance insurance that the lender offers can be many thousands of dollars more expensive than a policy with another insurer.” The good at mortgage loan singapore is there now.

Prepare well

With these important questions you should certainly take into account if you are going to borrow:

  • Do you have a fixed income?

In order to be able to enter into a financial obligation in the long term, it is particularly important to have a stable income, for example a contract of indefinite duration with your employer, with at least one year of seniority.

  • How much can you borrow?

Each bank has its own rules or scoring models to allocate credits responsibly. The loan charges are converted into financing burden percentages, for example 30, 40 or 50 percent of the net disposable income. Depending on the family situation, the bank requires a minimum surplus for the cost of living. Please also note that the institution will consult the Central Individual Credit Register (CKP) in order to check which current credits you have and whether you may have payment arrears. With the most trusted money lender in Singapore it is important.

  • How much do you want to pay off?

Of course it is important that you check for yourself how much you want to pay. Having your own house is fantastic, but it is a lot less fun when after a while it appears that you cannot go on holiday anymore, because all your money goes to the repayment of your loan. What price are you willing to pay within the limit allowed by the bank? The best way to determine this is to leave your rent or a possible payment, adding up how much you save.

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