Know the tenor in the mortgage process
Are you planning to buy a new home? One of the most popular solutions is to buy a home with credit. The requirements tend to be simple and the process is very fast. Of course, creating installments and credits provides a solution for anyone who wants to have a dream home.
Before deciding on a mortgage, there are a few things you need to understand. One of them is the period you need to know as it plays an important role in installments. So this time Kania will review the mortgage term so that you understand better and don't make the wrong choice. Now, take a look at the reviews below!
What is a tenor?
Tenor is one of the common terms for credit. Tenor refers to the duration of your credit loan. Later, you will have to pay the installments based on a given period at the beginning of the mortgage acquisition process, and both parties agree.
If you decide to take out a large mortgage, your financial capacity to repay the loan is not very high, but you can take a long term. Conversely, if you take out a mortgage for a small amount, you need to take a shorter period so that you can complete the repayment process faster.
Time-based tenor
There are two term options based on the time generally provided by the creditor or bank. The first is a long term with a payback period ranging from 3 to 30 years. However, creditors do not want to take high risks, so not everyone can get a long term, especially if the applicant's monthly income is not fixed. In addition, the requirements for taking longer periods are usually more complex to allow the debtor to pay off the installments.
In addition, there is a short-term option with a loan repayment period of 1 month to 3 years. However, this term option usually does not apply to mortgages that require more money and usually only includes transactions to purchase goods at a much lower price, such as: mobile phone Or home appliances.
Mortgage tenor
If you decide on a mortgage, you will need to adjust the monthly installment amount based on the installment repayment period. If you plan to take out a long-term mortgage of 20 years or more, there are benefits you can feel, such as lowering the down payment so that you can get your dreams home faster. ..
However, if you choose a short period of less than 20 years, there are some considerations that you need to understand, such as a much larger DP. However, if you get credit in a short period of time, you will usually be charged with less interest, which will affect the number of installments you pay each month.
Mortgage interest rates
Apart from your tenure, you should also pay attention to interest rates before deciding on a mortgage. Home ownership credits or KPRs have fixed interest rate options (Fixed interest rateOf course, it benefits the buyer because the amount does not change during the acquisition of the tenor and the number of installments that must be paid does not increase. In addition, there is a floating interest rate (Floating interest rate) That amount will continue to be adjusted based on the prevailing loan interest rate.
Tips for determining the appropriate time period
Of course, when you take out a mortgage, you have to make a full commitment so that you can repay it according to the length of the loan. However, Kania has some tips that you can take to determine the exact time period. First, choose a home at a more affordable price, if needed. For example, buy a home for sale that tends to be cheaper than a new home so that the installments you have to pay don't overwhelm your monthly costs.
In addition, calculate the financial capacity of your monthly installments so you don't force too many installments. Even with long periods and few installment options, you need to consider other risks, such as unemployment and income, which can lead to instability in the future.
It is hoped that you will be able to make the right decisions when making a mortgage through the explanation of the period above. Don't forget to check out other information and inspirations about the house through the Decorma article, OK!
If you're still looking for a dream home that suits your needs, you can find one at Dekoruma House. There are a variety of best-priced homes in different parts of Jabo de Tabek, including homes for sale in South Jakarta and Bekasi, and new homes in Depot and Tangerang. What are you waiting for Find your dream home at Dekoruma House!
Source : http://i0.wp.com/www.dekoruma.com/artikel/120498/memahami-tenor-untuk-kredit-rumah
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