Seven secrets the bank didn't tell me when it loaned the condo.

Borrowing money to buy a house or condo is a long-term burden. + + +

So before we owe millions, the thing we should know and understand is credit and interest, because if we don't know, the bank will certainly not give us the full terms.

1 Bank interest is negotiable.

In terms of bargaining, it depends on the interest rate we ask. Each bank is not equal, but first bargain so that we can make the right and cheapest comparative decision.

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2 Read the interest details deeply before signing the contract.

Usually interest on a condo or house, during the first 1-3 years, most of the money we will pay is only cut in interest, especially if it is a cheap loan, such as a promotion. The first year installment 4,000 means that all the money is almost just interest, not all the principal. (Must read carefully)

So it's suggested that the first few years are when we should spend as much money as possible, because the next year,

Will help cut more principal

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3. The amount of installment per month is the minimum, but we can pay more!

The amount of installment per month listed, such as instalment 8,000 baht for a total of 30 years, is just the minimum amount that we have to pay. If you want to run out of condos more quickly, it is recommended that you pay 15% more (about 12,000 if you can) to cut the principal. This will reduce the year that we have to pay more quickly.

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4. When applying for a loan, it will always be forced to take out insurance.

Every time we apply for a loan, the bank will always offer us insurance, such as fire insurance.

Of course, there are people who don't want to do it, so almost every bank offers a promotion plan. If you borrow a loan + take out more insurance, you get a 1-2% cheaper interest rate for the first year than before.

And the hostages, and we, the banks, will give us a loan, and we can apply it to our condo, and it's easy to pay off both the house price and the insurance.

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5. When transferring a house or condo, there is another charge.

After we have passed the loan when transferring ownership, the buyer like us has to prepare another money for stamp duty, mortgage and transfer fees at the Land Department (transfer fees are agreed between the project owners. Some places have a free promotion for these fees).

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6. Banks can apply for interest adjustments.

In case we buy a house that says to live in, but back and forth, we adjust it to be a store or a home office, the bank may look at the risk, may ask to adjust the interest rate later.

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7. Study Refinance or Retention techniques will save interest.

Lower than the interest to be actually paid.

After we repay the house for 3 years, which is mainly the promotion interest period, the fourth year, the interest will be adjusted by several%. Therefore, we can ask for a reduction in the interest rate with the original bank (Retension) or try to apply shopping with the new bank (Refinance).

Anyone with condo loan experience, let's share it. 👍👍

# The butler's way # Loan to buy a condo # Loan # Condo people # Our home wants a review