You have plans to renovate the next year? If your financial condition can not cover the needs of renovation, steps you take nothing else is looking for a loan that suits your needs.
There are two types of bank loans that you can choose to finance home renovations: Mortgage Refinancing and Loan (KTA). Which is the most suitable option for your needs?
Let's know more in both of these products, including the advantages and disadvantages of each?
1. Collateral Loan Home / Refinancing
If you want to apply for refinancing loans for home renovation, you should ensure that you will home renovation.
On average, banks will lend up to 80 percent of the estimated price of your house. Appraisals will be done by the appraiser or appraisal cooperate with the bank.
Appraisal will assess a reasonable market price and the price the home at the time. Estimated price of the appraisal that is the benchmark for banks to provide credit.
For example, banks estimate the price of your house today is USD 400 million, the bank will provide a maximum credit of 80 percent or Rp 320 million.
However, the process to go through to the disbursement of funds for a long time, could reach 1 month or more. Other costs that need to be removed also quite large, there are fees, administration fees, insurance premiums, fees assessed collateral, and notary fees.
Thus, refinancing loans are only suitable for those who want to borrow large amounts, and do not need funds in a hurry.
Additionally, you can not apply for refinancing loans on houses that are still in the process of mortgage financing, because the bank requires you to attach the Certificate of Land Ownership (SHM) of buildings and land. Homeowners who have not yet completed its mortgage loan SHM certainly have not received from the bank.
What are the requirements to apply for refinancing home loans?
Almost all banks require you have a savings account at the bank. Then, you must attach the ID card, family card, TIN, and paychecks.
In addition, you also need to attach a Budget Plan (RAB) home renovation, Certificate of Land Ownership (SHM) and Building Permit (IMB) for the renovation of the house.
Once the completed application form, the bank will soon conduct a survey and estimate the price of your home. Hmm ... quite complex right.
2. Loan (KTA)
If you are in need of renovation funds quickly and without the need to include collateral, seek loans KTA is the choice. KTA is intended for a variety of needs, and quite a lot of customers use it for home renovations.
KTA loans can provide funds up to USD 200 million, and the process was fairly quick about 1-2 weeks. Some banks such as DBS Bank and Standard Chartered Bank can even approve the loan within 2-3 days. Find out more information and lending criteria KTA interest here.
For those of you who want to do a little renovation, and construction time is short, then the KTA loan is the right choice. In addition, the KTA also be used when you need additional funds due to the increase in the construction costs of the project.
KTA also still be given to naabah who have not completed the mortgage installments and yet have SHM. This is one of the KTA ease.
As compared with the KTA weakness is refinancing loans of the interest rate. Generally, mortgage refinancing is lower than the KTA.
However, the difference between the interest can certainly be smaller if you want to negotiate with the bank.
The better the reputation of credit you have, you can ask for waivers of interest with ease.
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