Most important step in purchasing the property is apply the loan from any of the financial institute in the country, it is the responsible for the buyer to know and understand the procedure for the loan application. the following are some of the tips and required documentation that you need to be prepare when apply the loan in order for you to get your loan to be approved on the given time frame without any delay.
First, for a loan application, the applicants should prepare several necessary documents. The documents are:
1. Photocopy of identity card
2. Latest 3 months pay slip
3. Company registrations (for self employed)
4. 6 months bank statement (salary credited account)
5. 6 months company current account (self employed)
6. Latest EPF statement
7. Borang B with tax payment slip
8. Personal savings/ current account (latest 6 months) or fixed deposit
9. Tenancy Agreement if property is rented out
The applicants should not always be very confident with the load approval, since there are chances for the loan to be rejected by the bank. Besides that, there are also few things which should be considered by the buyer before purchasing a house. There are tips on how buyers can handle these situation. Among the tips are:
1. Do not get stressed and submit your application to all the banks if the loan is rejected. Find out the reason for the loan rejection and understand the criteria required by the banks to improve the loan approval chances. Please understand that, different banks have different approval criteria.
2. Don’t be over confident on the loan approval and check with the banks before paying deposit for your house.
3. If the buyer pays an extra 10% of your installment towards the principle of the loan, you will save a minimum of 4 years tenure.