Get to know the term mortgage more deeply
Mortgages are often one of the terms associated with owning a home. So how well do you understand mortgages?
Instead of misunderstanding, you can get a deeper understanding of mortgages. This is because it is very important to master this term. This is especially true for anyone planning to buy a home, whether it's a new home or a home for sale. Now, take a look at the reviews with Kania below!
What is a mortgage? Understand the definition!
In English, mortgage is also known as the word mortgage These are still relevant to the procedure for ownership of assets, especially real estate and homes with installments or credit systems.
If someone wants to buy a new home with the help of a bank or financial institution, a mortgage will be issued. This is a credit provided on the basis of collateral in the form of real estate.In other words, mortgages A type of debt certificate in which a mortgage in the form of property is transferred from the borrower to the lender as collateral for his obligations.
Even in this case, the borrower still has to pay a certain amount of the loan in advance. The borrower must also repay the mortgage on a regular basis as long as it is bound by the mortgage contract in accordance with the agreed terms.
Mortgage example
Therefore, for a better understanding, consider the following mortgage example. If you purchase a property worth IDR 1 billion with a down payment of IDR 200 million, the remaining property price will be prepaid by the bank in installments and a 20-year interest rate.
Please note that mortgage rates are subject to change or adjustment at any time. However, if the borrower defaults, there is a risk that the assets of the property that is still in progress under the mortgage contract will be confiscated. When the mortgage is completed in a timely manner, the property rights are again fully transferred to the borrower.
Indonesian mortgage scheme
In fact, there are several types of mortgages in the real estate ownership world. One of the most popular is KPR or home ownership credit. This is a mortgage program with a mortgage system involving a bank / financial institution with a borrower, usually guaranteed a mortgage. The popularity of the term KPR has shifted the old term mortgage.
Benefits of mortgage system
If you are interested in buying real estate or homes with a mortgage system, make sure you know the ins and outs, including the benefits. Basically, hipotek was presented to help people become homeowners with a more affordable payment method. With a small down payment, easy payments, and then step-by-step payments, mortgages can make everyone's dream of owning a dream home come true.
Another advantage is that you can continue to occupy the assets secured by the mortgage system. In other words, you can repay the rent after paying off the applicable credit agreement, as if you paid the rent in excess. Mortgages also have potential tax incentives that allow homeowners to deduct all or part of their annual tax return interest payments. Therefore, the tax report will be lighter.
In the case of a home transfer, you also have the flexibility to transfer your credit system or KPR to the next party. This is done by processing the required paperwork at the bank that is taking out the mortgage.
Disadvantages of mortgage system
There are advantages, but there should be disadvantages as well. It is undeniable that the mortgage system is not easy because it involves the value of the interest rate according to the execution period. If the payment period is long or long, the interest rate will be high. Conversely, shortening the payment period can lower interest rates on mortgages.
With a mortgage, you also run the risk of losing your assets if you don't pay the full amount. The value of the loan is also fixed, so if the mortgage price falls, the loan will not be adjusted at all. The requirements for becoming a mortgage participant are also not always easy, as they include a history of credit scores, a certain amount of income, and other checks before the loan application is approved.
Through the reviews above, Kania wants you to understand more about mortgages.Well, youAre you interested in using a mortgage system to have your dream home? If you still don't get the right occupancy, you can find it at Dekoruma House. There are many best-priced homes to choose from in different areas of Jabo de Tabek, including homes for sale in Depok, South Jakarta, Bekasi and Tangerang. Make your dream home a reality with Decorma!
Source : http://i0.wp.com/www.dekoruma.com/artikel/115209/memahami-hipotek-dalam-membeli-properti
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