Things to look out for in a home loan
Posted on 4:00 PM | By Smart Wealth Advisory | In
1.Types of Home Loan
This refers to types of home loan package you're getting. Whether it's Islamic or Conventional, Low Deposit or Zero Moving, state all necessary loan properties in this section.
2.Margin of Financing in Percentage (%) Value
This expression is the value and amount of loan granted by the banking institution to you as to secure the loan. Can go up to 95%.
3.Tenure of Loan
Duration of the loan (in years) to how long will the loan be fully paid, off its capital and interests.
4.Base Lending Rate (BLR)
Interest rate from the banking institution to you, covering their administrative costs and costs of funds.
5.Interest Rate
Some home loan packages would offer you different interest rates for a few years, or a BLR rate reduction for a number of years. Ask the banking official to explain thoroughly to you what are their home loan packages's interest rates are.
6.Monthly vs Daily Rest
Whether your interests will be calculated on a daily basis (Daily Rest) or Monthly Basis (Monthly Rest).
7.Monthly Installment
Ask your banking official to explain to you how much are your monthly installments
- First (1st) year to the fifth (5th) year.
Also, ask about how much will go to your interests before the capital is touched.
8.Legal Fees for Loan Agreement
Professional legal fees for legal documents necessary for your home loan contracts.
9.Stamp Duty Charges
For your loan agreement.
10.Disbursement Fees
Different type of fees such as registration of land search fee, charge fee, bankruptcy search fee incurred by banking institutions.
11.Processing Fees
The one time fee charged by the banking institution for processing documents.
12.Valuation Fees(Only for completed properties)
Written analysis of the value of home by the appointed valuer of the banking institution you applied the home loan from.
13.Insurance
- MRTA (Mortgage Reducing Term Assurance)?
- Homeowner's Insurance
- Is there a loan for insurance?
14.Others
- Are there partial prepayments?
- Is there a penalty on early settlements?
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