Tips For Passing Bank Financing – Through a little free experience in managing to finance, there are many prospects for buyers, especially those who work alone, it is difficult to pass bank financing. Even though they have a solid source of income and a lot of money.
There are many reasons why banks do not approve our financing and there are many reasons why banks are happy to pass your home loan. Here are some easy tips especially for those who are self-employed or in business who want to own their own home one day. Come on, let’s look at tips to pass Bank Financing easily.
Banks like borrowers who have a lot of loans. It’s not as far as the bank can borrow your money, even the bank feels safe if something happens to your income, at least it has other financial assistance. How much is enough? At least the amount of 6 months of loan installment payments that you request. If the monthly installment is 1,000, then we need to have 6,000 in savings. Even better if we have 12 times more than the monthly installments.
Sufficient Tray In Account
Make sure we have sufficient balance while waiting for next month’s salary. What is meant by sufficient tray? Short example; Let’s say tomorrow’s paycheck, today still have a shopping tray, rm100 to, rm50 to. Don’t take 15 days to get paid, the money tray is still rm10. This case has finished the match. Mid-month case. Banks are also afraid to pass our financing. If you are the type who is ready to transfer your money to another account, attach the proof, namely the bank statement for the savings account.
Credit Score Must Be Steady
The bank will reject the financing application if your score is low. Some are caused by many credit cards and have used the credit card up to 60% of the credit limit. It’s enough to use it until the limit runs out, just pay the minimum (5%) only. In addition, several factors contribute to a low score, such as:
- Ar-rahnu’s taxes are a lot.
- Borrowers have many personal loans listed in CCRIS, although the DSR is still low.
- The borrower takes a lot of borrowing in a year : Take car rental loans, personal loans, credit cards, and home financing, even if it pays a nice monthly installment.
- The borrower is over 40 years old, still single, in CCRIS he only has one credit card debt and now he wants to make a home loan.
Complete And Up-To-Date Documents
Make sure you send the complete application documents and they must be up-to-date. If possible, don’t send only basic documents, send all documents that show our income and business sales. The bank asked for a bank statement and salary for 3 months, we gave 6 months. If the bank asks for 6 months, we give a year with a statement.
First, the bank does not need to ask you many times to send incomplete or weak documents. Both, make it easier for the bank to know how consistent our income is and how much, it’s easy to pass our application later.