To meet large and urgent funding needs, there's nothing wrong with borrowing from the bank. With debt at least you can enjoy the results of the item or asset more quickly.
Imagine if you wanted to buy a house that currently costs IDR 700 million, how long would it take to have it in cash. Moreover, house prices will continue to rise every year. Debt will also train discipline in setting aside money. But don't forget, adjust your debt to your ability to pay.
When it comes to bank credit, there are several that are widely known to the public. Among others, Home Ownership Loans (KPR), Apartment Ownership Loans (KPA), Motor Vehicle Loans (KKB), Unsecured Loans (KTA), and Multipurpose Loans (KMG). If you are currently applying for or want to get this loan facility, consider a number of tips below .
Bank credit safe tips
Not only mortgages, these tips are also useful for those of you who are applying for other bank loans, both short-term and long-term loans. With these tips, the installment burden you pay to pay off debt will be lighter.
1. Choose Annual Percentage Rate (APR)
APR is the total loan interest rate per year that you must pay when taking a bank loan. APR includes all costs in your loan, such as loan interest, credit analysis fees, provision fees, survey fees, notary fees and others.
These borrowing costs are often ignored, even though in total they greatly affect the value of the debt you have to pay. Usually prospective debtors are "glad" with low loan interest rates, even though other costs are high. Check the fees you have to pay when using a bank credit here!
If you want to take a debt to the bank, it's a good idea to ask the bank about the APR in question. This is because APR analyzes all cost components and converts them into the equivalent interest charged per year. Choose the lowest APR you can get. The more fees you pay, the higher the APR value .
2. Look for interest promos, because loan interest is the largest cost component
The amount of loan interest is usually a special concern when you apply for bank credit. Because, interest costs are the largest component of all installments that you have to pay every month.
The amount of interest on debt varies, depending on the bank that issued the credit. For loans without collateral (KTA), the interest charged is higher than loans with collateral. KTA usually charges interest between 10% to 20% per year depending on the length of the repayment period.
KTA interest is high because this type of debt does not ask for asset guarantees from you, so the risk of bank losses is greater. There are several ways to calculate loan interest. For example, in KTA which is a short tenor, the calculation of flat interest applies, so if you borrow KTA with 2% installments per month, then in a year you are the same as paying 24% interest.
For Multipurpose Loans (KMG), the interest expense that you have to pay is around 9% to 12% per year, while for Home Ownership Loans (KPR) it is between 7% to 12%. Usually banks will use fixed interest for a certain period of time, 1 to 3 years. After that period of time is over, the determination of interest per year is fluctuating, adjusted to the fluctuations in the reference interest rate of Bank Indonesia.
To know more about calculating bank interest, check out the article here!
Because credit interest is a large installment burden, you need to look for a banking program with a special interest offer. An example is TheNewbie for those of you who want to buy a mortgage house. TheNewbie is a feature for selling houses and apartments on TheNewbie.
Take advantage of the interest promo at TheNewbie for lighter installments and a faster process. Not only that, TheNewbieh also offers many advantages for those of you who want to buy a house by means of a mortgage.
Why Buy a Home in Open House?
TheNewbie is a property sale feature on the TheNewbiek platform which is a collaboration between TheNewbie and Bank Mandiri. Not only does it provide lower interest, buying a house at TheNewbie also has many advantages.
The advantages of buying a house at TheNewbie:
1. There are attractive interest rate options, including low interest rates and fixed for up to 10 years
2. Promo cashback Rp. 1 million
3. Choice of the best partner developers throughout Indonesia
4. Additional promos for certain Developers.
TheNewbie offers a cashback promo of IDR 1 million. The promo is valid for those of you who buy a mortgage at TheNewbie and the mortgage has been disbursed. Cashback will be sent to your TheNewbie account no later than 30 days after the mortgage is disbursed.
So what are you waiting for, let 's buy a house at TheNewbie. For more detailed information, click the following link .
3. Check your ability to pay with a mortgage calculator
Before deciding to take bank credit, you need to first check your ability to pay. For those of you who want to buy a house, you can use the mortgage calculator at TheNewbie. If you want more details, then you can ask the bank officer how long and the amount of installments you have to pay every month.
The bank officer will perform a credit simulation to estimate the amount of credit installments that must be repaid every month or every year within a certain period of time. In addition, it will also explain how much credit limit can be provided by the bank, adjusted to your income .
4. It's easier if you have an account at the bank concerned
In addition to administrative requirements such as photocopies of ID cards, family cards, salary slips, and Taxpayer Identification Numbers (NPWP), banks usually also ask you to have savings at the bank concerned. There are also banks that require that your salary be paid through the bank. This payroll requirement is usually imposed for the type of Unsecured Credit (KTA) .
5. Choose a flexible disbursement time and loan tenor
The loan disbursement time shows how long the funds will be disbursed by the bank to your account. The disbursement time varies from one bank to another. But usually, the average credit disbursement you can actually use is one to two weeks.
The disbursement date is usually also the deadline for monthly installments to be paid. For example, if the credit disbursement to the account is made on the 15th, then the deadline for monthly installments or account debits will also be made on the 15th of every month. Therefore, make sure the disbursement time which will also be the auto debit date, according to cash flow .
While the loan tenor is the time limit for paying off debt. The longer the tenor you apply for, the higher the interest on the loan you have to pay. The reason is, with a long loan repayment period, the risk of default that must be borne by the bank increases.
6. The loan ceiling depends on the asset guarantee
The loan ceiling is the highest limit for the amount of credit provided by the bank to you. The ceiling value depends on the asset guarantee that you provide. In addition, the size of the credit ceiling also depends on your previous credit payment history, whether on time or not. For example, for a mortgage, the amount of the credit limit given will be determined by the value of the house you want to buy. If the ceiling is lower than the price, then the rest you need to pay directly along with the down payment.
To calculate the credit limit, in addition to the collateralized assets, the bank will see the maximum installment amount of 40% of the total income you earn each month. The bank will also analyze data or documents, such as a savings account for the last 3 months. In addition to the interview, the bank will check a number of references listed in the form, especially the workplace .
7. Build a good credit history
As mentioned above, to get bank credit, apart from requiring collateral, administrative requirements are also required. One of them is credit history which is seen through BI checking or currently called the Financial Information Service System (SLIK) of the Financial Services Authority.
The system can show a customer's loan history, so that it can be known whether he has been in arrears on credit or not. This history determines whether your credit application is approved or rejected. So don't let your name be on the blacklist . Because, it could be that your credit is rejected or the interest fee charged is higher.
Those were tips for safe bank credit, hopefully it's useful!
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