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Reasons To Apply for A Bank Home Loan
Though there are so many properties for rent these days, that sometimes, those who still don’t have their own home will just settle in one of them, it is still best if we own our own house, right? Yes, and this is why, so many of us really dream to own a house someday. No matter if that house is just small, but at least it is ours, where we don’t need to get worried that we might not be able to pay the rent or that we will be kicked out.
Actually, owning a house might be expensive, but it is comforting to know that there are agencies that can help so that the process will be more comfortable and achievable. That is right and in fact, one of the many options in acquiring a house is through a bank loan. Well, of course, if you say bank loan, you also need to consider that your house can be foreclosed, and all the money you spent on it will be forfeited. This is why, some families will really think twice before applying for a bank home loan.
Is this also one of your concerns? Are you also scared that you might not be able to comply with the monthly amortization? Before you totally reject this idea, you can continue reading below why a bank home loan is not totally a bad deal. In fact, you might not realize it yet, but this can be your best option. Yes, and below are some of the most notable reasons:
1. Lower interest rates
As this is a loan, of course, there will be interest rates. You can hardly find a lender that will not charge you with interest rates, right? But when it comes to bank financing, the interest rates are lower. You see, even without the interest fee, buying a house can already cost you a lot like even if you buy it in cold cash. But the good thing with bank financing is it charges lower interest rates compared to in-house financing. This means you will have less stressful time paying for the monthly amortization. There are even banks that will give fixed interest rates. This is a better option as when the interest rates in the market will go up, you need not be wary about your loan as it will not be affected.
2. Repayment is more flexible
With in-house repayment terms, it might not be flexible. Their terms might be fixed, so it will be hard for you to adjust if you will be put in a tough situation. That is not the case with bank financing as they offer flexibility in your repayment terms. In fact, they can offer up 15 years and even more for that matter. Some financing agencies only offer 10 years or less which can be really burdensome.
3. More options
When it comes to bank financing, you are not restricted what type of property to buy or whether you will just use the money to renovate your property or even construct a new one. You will have a free will for this as long as it coincides with their terms. If you are in Kuala Lumpur, you can check the Marc Residence or Verve Suites as they have properties for rent and for sale. Their properties are located in a strategic spot, thus it will be convenient for every member of the family.
That is right and while you are shopping for properties for sale, you can stay at the marc residence studio for rent or if you can afford it, you can also buy property verve suites which is also at a great location. The marc residence studio for rent is equipped with things a tenant will need so that he does not have to go out every time to eat or to do his laundry. It means that you can easily save money which is just perfect since you are planning to buy a house.
This video further explains how banks decide if they want to approve your loan or not:
Yes, without a doubt, applying for a bank home loan is way better than in-house financing in so many ways. There is just one thing you need to know though, their application process is more stringent. But of course, if you have a commendable credit record, if you have the money for the down payment and other fees, there should be no problem. You just have to go through this. Don’t be afraid to ask as they will surely accommodate you. After all, this is one of their offers and they will be glad that they have clients. Note that most of the banks offer the same terms. So, you can say that they are also dealing with tough competition.
So, if you think this is the path you will take to own your first house, you should seek out your preferred bank and again, don’t hesitate to ask questions. Not only that, you can seek real estate agents that sell properties in marc residence KLCC or Verve Suites KLCC. And once again, if you can’t afford to buy a property, you can always consider to look at marc residence klcc property for rent instead.