For many people, getting out of rent and conquering their own home in bahria hills islamabad is the dream to be fulfilled. There are two clear options: if you plan, gather the necessary resources and buy the property in cash or go for a mortgage, which will shorten the achievement of the objective.
However, sometimes, even with the documentation in hand – from the buyer, seller and property – there is the possibility of not being approved in the credit analysis of the financial institution that will grant the mortgage.
Below are some tips on how to effectively contribute to the desired mortgage loan.
Keep the name clean and with credit – before applying for financing, ensure that the name is clean, that is, that there are no restrictions on credit protection services (SPC, Serasa, among others). Opening Serasa’s positive record (a kind of financial curriculum) can be useful. And try not to have debts on loans or other financing (to buy a car, for example) because this can impact your financial health and, ultimately, your ability to honor one more debt.
Have resources to give down – as the amount to be financed is smaller, the chance of it being approved is greater. Thus, the greater the amount to be given as a down payment for the purchase, the better. It should be borne in mind that the monthly installment cannot exceed 30% of disposable income.
Have an account with the bank that grants the financing – normally, banks offer better interest rates for those who have a relationship with them. Therefore, make simulations beforehand and, if it is beneficial for your pocket, migrate to the financing bank.
Generate income – if the income you generate is not formal or comes from self-employment, try to deposit all the money you earn in the bank and, if applicable, keep proof of income easily accessible. Income Tax Returns and bank statements are accepted as proof of income. In the case of informal workers, consider the possibility of registering as an Individual Micro entrepreneur because, in addition to helping with credit analysis, it also has benefits such as retirement and sick pay.
Use the FGTS – almost always the resources from the FGTS are available for the purchase of a home. If you have a balance, count on it to increase the down payment and reduce the need for financing.
Compare the conditions offered by banks – each institution adopts specific policies and procedures for the approval of real estate credit. Researching and identifying the institutions that best suit the applicant’s profile for financing can be a good strategy to have the credit released. And pay attention: Caixa is not always the best option and banks that have partnerships with real estate agencies do not always offer the best deals. Evaluating each proposal and finding the one that best suits each profile is essential.
Age is also important – the borrower’s age can affect whether or not the loan is approved. Under current legislation, the age limit for paying the last installment of the mortgage is 80 years and six months.
All of the above tips, as a rule, can be adopted by any type of borrower. However, some specific questions may arise for popular or upscale properties.
If we talk about conquering popular properties, joining the federal government’s Minha Casa, Minha Vida program may be a good way to have your own home. There are several ranges of financing, income and interest rates. The logic is that the lower the income, the lower the interest rate. Those with a monthly income of up to R$7,000 are eligible. And depending on income, the funding limit increases. Even in this program, it is important to demonstrate the ability to honor the funding. Therefore, the above tips (clean name, means of payment, and proof of income, among others) are also applicable.
On the opposite pole, we have the financing of high-end properties, that is, those above R$1.5 million. Properties in this value are outside the maximum limit established by the Housing Finance System (SFH), which has more attractive interest rates. However, banks finance properties based on this amount without any problem and, as previously seen, specific criteria are adopted by each institution to approve the granting of credit. But again, the previous tips regarding the individual’s fairness and financial health remain valid.
Before financing a property, plan ahead. When in doubt, consult a realtor.