\n
2. Determine the Amount You Should Borrow<\/p>\n
Aside from your paying capacity, the loan amount is also determined by the property\u2019s appraised value. An important thing to remember: borrow only the amount you can pay back to avoid facing foreclosure and losing your investment altogether.<\/p>\n
3. Study Your Financing Options<\/p>\n
Now that you know what you can afford, it is time to evaluate which home financing scheme offers loan terms and monthly amortizations you can live with.<\/p>\n
4. Bank Loans<\/p>\n
Commercial and universal banks are home-buyers\u2019 first resort when looking for housing loans. Compared to other lenders, banks grant longer loan tenure and more competitive interest rates. Although\u2019 interest rates are adjusted after a certain number of years, the home-buyer will still pay lower monthly amortizations than they would under a developer\u2019s in-house financing.<\/p>\n
5. In-house Financing<\/p>\n
Applying for in-house financing is simple and straightforward. Most of the time, developers require nothing more than the down payment and a verifiable proof of income, and little or no background checking is done. But this less stringent application process comes with a steep price: interest rates in in-house financing can be prohibitive and loan tenure is short, rarely exceeding 10 years.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Top 5 Tips: Getting a Housing Loan 1. Know Your Financial Capacity Think like lenders and evaluate the three things they consider when assessing loan applications: your income, your credit history, and your debt service ratio. Your income is important because it helps lenders determine your capacity to repay a loan, while your credit history …<\/p>\n
Top 5 Tips: Getting a Housing Loan<\/span> Read More »<\/a><\/p>\n","protected":false},"author":17,"featured_media":3582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"","footnotes":""},"categories":[13],"tags":[],"uagb_featured_image_src":{"full":["https:\/\/www.propertyempire.com.my\/blog\/wp-content\/uploads\/2015\/03\/bank.jpg",1400,1185,false],"thumbnail":["https:\/\/www.propertyempire.com.my\/blog\/wp-content\/uploads\/2015\/03\/bank-80x80.jpg",80,80,true],"medium":["https:\/\/www.propertyempire.com.my\/blog\/wp-content\/uploads\/2015\/03\/bank-300x254.jpg",300,254,true],"medium_large":["https:\/\/www.propertyempire.com.my\/blog\/wp-content\/uploads\/2015\/03\/bank.jpg",768,650,false],"large":["https:\/\/www.propertyempire.com.my\/blog\/wp-content\/uploads\/2015\/03\/bank-1030x872.jpg",1030,872,true],"1536x1536":["https:\/\/www.propertyempire.com.my\/blog\/wp-content\/uploads\/2015\/03\/bank.jpg",1400,1185,false],"2048x2048":["https:\/\/www.propertyempire.com.my\/blog\/wp-content\/uploads\/2015\/03\/bank.jpg",1400,1185,false]},"uagb_author_info":{"display_name":"Admin Property Empire","author_link":"https:\/\/www.propertyempire.com.my\/blog\/author\/admin-2\/"},"uagb_comment_info":0,"uagb_excerpt":"Top 5 Tips: Getting a Housing Loan 1. Know Your Financial Capacity Think like lenders and evaluate the three things they consider when assessing loan applications: your income, your credit history, and your debt service ratio. Your income is important because it helps lenders determine your capacity to repay a loan, while your credit history…","_links":{"self":[{"href":"https:\/\/www.propertyempire.com.my\/blog\/wp-json\/wp\/v2\/posts\/3810"}],"collection":[{"href":"https:\/\/www.propertyempire.com.my\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.propertyempire.com.my\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.propertyempire.com.my\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.propertyempire.com.my\/blog\/wp-json\/wp\/v2\/comments?post=3810"}],"version-history":[{"count":1,"href":"https:\/\/www.propertyempire.com.my\/blog\/wp-json\/wp\/v2\/posts\/3810\/revisions"}],"predecessor-version":[{"id":3811,"href":"https:\/\/www.propertyempire.com.my\/blog\/wp-json\/wp\/v2\/posts\/3810\/revisions\/3811"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.propertyempire.com.my\/blog\/wp-json\/wp\/v2\/media\/3582"}],"wp:attachment":[{"href":"https:\/\/www.propertyempire.com.my\/blog\/wp-json\/wp\/v2\/media?parent=3810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.propertyempire.com.my\/blog\/wp-json\/wp\/v2\/categories?post=3810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.propertyempire.com.my\/blog\/wp-json\/wp\/v2\/tags?post=3810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}