Next year, we will only be able to spend a certain amount of income on repayments. However, there are several ways to borrow more money. We’ve collected what we can do to get the most from our bank.
Income-specific detail and hedging ratios will be introduced next year. According to the law, 50 to 60 percent of our legal salary can be no more than the installment payable, and in the case of a mortgage we can take up to 80 percent of the value of the property.
So the new rules may not be enough money for us. What can we do?
- Banks can check for legal income. So the first obvious solution is to get your finances in order before applying for a loan.
- If a co-debtor is involved, the bank examines the combined income. Once we reach the 400,000 mark, 60 percent of the salary can be used for repayment. Usually this is quite normal, if not, there are tricks. The debtor is usually a relative, wife / husband.
- Choose an interest-subsidized loan, which has a lower cost at the beginning of the term, thus reducing the installment.
Short-term loans are cheaper than fixed-term loans.
If we can give up the security provided by fixed loans and need more money, then we should choose such a construction.
- In case of a longer maturity, the installment is also lower. There are already 40-year loans that can reduce the installment to the extreme. But keep in mind that the longer the term of the loan, the more interest we have to pay, so that even with twice the length of the loan, the repayment is reduced by only a quarter.
- Asking for a loan from the family also increases your self-sufficiency. In this case, the bank thinks it is our own money, so any repayment is not included.
If we don’t have enough self-sufficiency?
- If the value of the property is too low, that is, we do not have 20% of our own resources, we can involve another property. The combined value of the two is based on the bank. Choose the best loan to get the most money with the lowest repayment. BankRacation helps you make the choice.