With the increasingly difficult economic conditions in Indonesia, now the majority of people rely on Housing Loans (KPR) to have their dream homes.
Home Ownership Credit (KPR) is now a popular alternative solution in obtaining a dream house because of its various benefits.
The main advantages of using a home loan facility are:
- Large cash needs are overcome because borrowers only need to provide advance payments and do not need to prepare large amounts of funds.
- There is a large installment relief due to expectations of increased income mainly because mortgages generally take place in the long term.
But unfortunately, is now considered to be less affordable, because of the Circular Letter No. 15/40 / DKMP on September 24, 2013. In the circular letter, Bank Indonesia requires prospective home buyers to pay a down payment of at least 30% of the total price of the house.
Thus, a DP-free mortgage solution appears.
This credit is widely used by people who are not ready to pay down payments due to financial constraints. But what is really right to allow home loans without DP?
How to Get a Home Loan?
Today, the economy is getting harder. Thus, sometimes mortgages still feel heavy for some people. Because of this problem, new offers emerged, for example home loans without DP aka 0% down payment.
The examples of products that offer such offerings are Mortgages. But unfortunately, this offer is not as beautiful as imagined.
Why is that? Because in reality there is no easy and unconditional mortgage. All of them have certain terms and conditions that will compensate for losses from the absence of advances in the credit product.
However, you can get profitable DP home loans in the following easy ways:
# 1 Search for Promos from Home Developers
Generally, home developers will compete to attract potential customers in various ways. One of them is with this loan.
This credit is also called inhouse credit, which is a scheme of paying for a house or property with a system of installments directly to the developer .
Thus, the buyer directly relates to the developer without having to go through bank interference.
Inhouse loans do not mean there is no down payment (DP), but the down payment can be paid in installments several times. In addition, the tenor can also be negotiated so that it can be considered flexible.
The advantages of inhouse credit are as follows:
- No down payment (down payment can be paid in installments)
- No interest
- Simple procedure
- No additional fees
- Flexible installment period
# 2 Comparing Multiple Developers
When buying a house, remember that you will pay a large amount. Don’t be confused with buying fried foods, which are only worth a few thousand rupiah.
Thus, you should look for information from several developers and compare all the terms and promos it offers.
In this way you can get the best offer and will not feel loss later.
# 3 Make an Installment Agreement in Front of the Notary
The third way is a unique trick to obtaining home loans. The trick is to buy a house not from a developer, but from an ordinary seller.
After that, you have to convince the seller to negotiate prices so that you can make an installment agreement without a down payment.
Make sure that you are actually able to pay, but for a longer period of time because of this down payment.
Then if the seller agrees, you can make a written agreement regarding the house loan without DP in the presence of notaries.
The disadvantage is that as long as the installments have not paid off, the land certificate or house will remain under the seller’s name. But the certificate will be kept in the hands of a notary.
# 4 Using Bank Loans, but Increasing House Prices
You can also do this last way to get a home loan, but this method is quite risky because you could have miscalculated.
The trick is to estimate the price of the house higher than it should when making a proposal to the bank. Unfortunately, this method is risky because it is not necessarily successful.
The bank has the right to determine the amount of the loan after appraising the value of the house, so the amount given is not always in accordance with the amount you submitted.
# 5 Making Credit Filings at Several Banks
If you have obtained an agreement on the price of the house that will be submitted for credit, it is legitimate to submit a credit plan to several banks at once.
Thus, the greater the alternative credit you can choose, where in general you definitely choose the highest estimated price.
In this way, you can get more financing, besides that,
the principle is the greater the likelihood that you will not pay if the liquid funds are getting bigger.
Another advantage of this method is that you can also see between all the banks, which are the simplest and fastest funds disbursement process. This certainly benefits you as a borrower.
Learn the Way and Get Home Loans
In short, when you plan to buy a house by utilizing a home loan or mortgage facility, you can get a home loan without DP. However, choose a way that suits your characteristics, and is always ready to bear the risk.
In other words, make plan B that will overcome if things go out of your control.
In addition, we also recommend that you always check the following points before submitting your mortgage:
- Mortgage terms and conditions of the bank concerned.
- Costs that may arise in applying for a KPR.
- Procedure for applying for a mortgage from a related bank.
Thus, you will get a better and more profitable agreement.
Remember that mortgages are long-term agreements that require 100% commitment from the bank and also yourself. Research in the process and you will feel the benefits!