Are you working on a home mortgage, but want to add more? In fact, you can still apply for a mortgage for a second home even if the first mortgage has not been paid off. Of course there are terms and conditions apply, yes.
Come on, take a look at the detailed requirements for a second home mortgage and how to apply for this to pass!
Second Home Mortgage Application Requirements
In general, the requirements needed to apply for a second home mortgage are almost the same as the first home mortgage, as follows.
- Indonesian Citizen (WNI)
- For employees, the minimum age is 21 years and the maximum is 55 years
- For entrepreneurs and professionals, the minimum age is 21 years and the maximum is 65 years
- Have a regular income every month
- Have worked at least two years for employees
- Photocopy of identity (KTP) and Family Card
- If you are married, please include a photocopy of the Marriage Certificate/Divorce/Prenuptial Agreement
- Photocopy of personal Taxpayer Identification Number (NPWP)
- Proof of savings account or checking account for the last three months
- Salary slips and original employment certificates (wet stamp) for employees
- For professionals such as doctors, lawyers, and others, include a practice permit
- For entrepreneurs, prepare a photocopy of the Trade Business License (SIUP), Company Establishment Deed, Company Registration Certificate, company NPWP, and the latest financial statements.
Second Home Mortgage Application Process
After these conditions are completed, you can go to the bank and make an application. Then there is an interview process with the bank, where the bank will check your ability to pay off the installments, of course, after combining it with the first mortgage (maximum 30% of income). If approved, you must pay a down payment to the property developer, then wait for the issuance of the Credit Agreement Approval Letter (SPKK).
After you receive your SPKK, it's time to meet with a notary to sign the credit deed and take care of the certificate and key handover. At this point, your house certificate is held by the bank and you can only receive it after all mortgage installments are paid off.
Second Home Mortgage For Investment
One of the main reasons people buy a second home is as an investment. So, the first house remains to be lived in. Property investment is indeed quite tempting with prices that continue to rise every year.
Especially now that Bank Indonesia has reduced the amount of down payments for second homes and so on by 5%. This decline is of course the main attraction for you to finally decide to take a mortgage again.
Tips for Passing a Second Home Mortgage on!
1. Prepare Down Payment
When the requirements are complete and the application has been made, you must prepare a down payment. The good news is that since December 2019, Bank Indonesia has set a reduction in down payments of up to 5% for second homes and so on, through Bank Indonesia Regulation Number 21/13/PBI/2019 concerning Amendments to Bank Indonesia Regulation Number 20/8/PBI/2018.
The second mortgage down payment for landed houses type 21-70 was reduced from 15% to 10%. For landed houses type 70 and above, it decreased from 20% to 15%. This also applies to apartments and flats.
2. Calculate the Installment Amount
The bank will take into account the amount of installments you have now plus additional installments that will come. The amount should be no more than 30% of your monthly income. If it exceeds, it is certain that the second home mortgage application can fail. So before deciding to buy another house, first calculate how much you can afford.
3. Make sure your financial condition is ready
Not only a maximum debt of 30%, you also have to consider other financial posts. For example, emergency funds, children's education funds, vehicle debt, credit card installments, and others. Make sure other important needs have been met properly, then you think about the second home installment.
4. Understand the Bank Rules
In addition to preparing the mortgage requirements, you should also find out the rules of the bank where you apply for a mortgage. Starting from the amount of interest rates, administrative fees and others, as well as the tenor offered. In addition, due to this pandemic, several banks have stated that they are more selective in distributing mortgages, including for second homes.
Some of the requirements for the second home mortgage above can be a guide for you before applying to the bank. Also carefully consider the various other costs that will arise during the application process. And add property insurance to protect your home from various financial losses. Get the best property insurance at Premiums .
EmoticonEmoticon