Check Your Financial Status to Be Pre-Owned House Owner.
Location is the thing that make pre-owned houses overcome brand new houses definitely because they can located in anywhere both urban and business district that be needed of most people. But those location may be restricted by conditions such as have huge population in such area and unable to build new housing project for sale and when house in such area was sold on market, it will be needed absolutely. In the present, pre-owned houses is the main part of real estate market which being more popular indefinitely. To be owner of pre-owned house, a thing that you need to have is capital that used for purchase such house. If you don’t have lump sum, you have to borrow financial institutions which have 2 conditions. Loan amount should not exceed your ability to pay the installment by consider from net income which calculated from income (expenses deducted) – installment of other debts = net income. Installment term depends on age and income of borrower that borrower age + installment term = not over 65 years. After estimate your ability completely, things which you have to consider are following other expense as table below.
When you have passed procedures and have the financial readiness, to be house owner will be not so far from you anymore. (Information at March 2014)
|- Deposit/Booking money||Depends on negotiation|
|- Down payment that bank defined||30% of appraisal value|
|- Case of auction from Legal Execution Department||Deposit before auction 50,000 Baht|
|Deposit after auction 25% of purchasing value|
|- Case of purchase from broker||Book 10% of purchasing value|
|- Installment per month||Not over net income|
|Loan fees of financial institutions (Fee rates depend on each bank defined)|
|- Loan application fee||500-1,500 Baht by loan amount|
|- Loan management fee||0.50%-1.00% by loan amount|
|- Collateral appraisal fee||2,500-4,000 Baht|
|- Legal transactions and contracts fee||0.05%-0.25% of loan amount|
|- Repayment before due fee||2%-3% of loan amount|
|- Revenue stamp||0.05% 0.05% of loan amount|
|- Transfer fee||2% of appraisal value by buyer and seller pay on half|
|- Mortgage fee||1% of mortgage cost|
|- Revenue stamp||0.50% of selling price or appraisal price (whichever is higher)|
|Repair cost||20%-30% depends on house condition|
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