Owning a home is everyone’s dream. For those who have excess money, was purchased in cash will be more profitable.
However, for those who depend on monthly salary, repay a home is an easy step to owning their own home.
Repay a home, does not mean to spend your salary each month. Not funny if every month is left only the paycheck, while almost all of the money you spent on the mortgage.
Here are tips on home financing installments
- The total amount of loan repayment should not exceed 1/3 of the revenue, so the cost of daily operations is not compromised.
- If the income is less enough, then great installment could commuted by extending credit. Eg from 5 years to 10 years.
- Remember, banks only help 80% of the value of Appraisal home. You have to prepare the remaining 20% as a down payment (DP) + 10% more to pay the notary fees and taxes. Prepare this fund by saving 1-3 years earlier. For faster, concentrate bonus, THR, and your additional income for these savings.
- If possible, Negotiate with the owner of the house so that you can pay in installments DP anyway.