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Airdrenica.com – Can you buy a house without a mortgage when property prices continue to increase and become more expensive? KPR does promise the convenience of owning a dream home in an instant. However, not everyone wants this solution.
Worries about the amount of interest that must be paid and debt dependents every month, so consider taking a mortgage. However, on the other hand, the need for housing is also inevitable. So, what if you want to buy a house without a mortgage? Check out the following reviews.
Tips For Buying A House Without A Mortgage
Buying a house without a mortgage is difficult, but that doesn’t mean it’s impossible. Here are some tips so you can own a home without a mortgage mechanism:
Rent A House
Reporting from The Balance, if you don’t have enough money to buy a house, then renting a house can be the first solution. You do not own the property personally. However, you can save the remaining money to invest first until you actually have enough savings to buy a house.
Invest In Stock Market
Investing in the stock market is one of the most popular sources of additional income, especially for the younger generation. You can set aside your main income to invest in various types of stocks, such as property stocks, banking, second linear, or sharia. Continue to grow your stock investment until it reaches a nominal enough to buy a house.
Precious Metal Or Property Investment
In addition to investing in the stock market, you can also develop savings by investing in precious metals or property. These two types of investments that are in high demand are quite promising and can provide long-term benefits. From the results of this investment, you can raise funds to buy a house.
Buy A House From A Bank Auction
If you want to buy a house on a tight budget and don’t want to rely on a mortgage, you can try this one tip. Usually, banks will sell collateralized houses from customers whose credit or installments are bad.
Houses sold under this auction system are priced below the market price. By buying through this bank auction system, you can get a house at a more friendly price than buying through a mortgage.
Extra Income With Business Or Freelance
With the rapid development of technology, you have greater opportunities in the business world. You can start with an online business that can be marketed through the marketplace. In fact, you can also build an online business without capital by becoming a reseller for certain brands.
If you have certain skills or expertise, take advantage of them to generate additional savings. For example, if you have drawing skills, you can open a graphic design service. Don’t forget to create a portfolio and market it through social media so that more people will know about your freelance services.
You can put this income from business and freelance into savings to buy a house. The more savings income posts you have, the closer you are to the dream of owning your own home.
Buy A House By Paying Cash In Stages
When you have a mediocre budget to buy a house, some property developers may offer a gradual cash house purchase scheme. This is a common thing to do and is quite profitable because it does not incur interest. So, you will pay according to the price of the house even though the payment is made in installments.
The financing for the purchase of a house from the developer to the buyer is carried out without an intermediary from a third party lender. At the beginning of the transaction, you will be asked to pay 20% – 30% of the house price. Then, the developer will give a certain time limit to pay off the house. Generally, the deadline for repayment is shorter than KPR, which is around 6-18 months.
In-House Credit To Buy A House
Just like buying a house by paying cash in stages, this in-house loan is also offered by property developers. This method of paying for the house does not incur interest, so it is easier for you.
This in-house loan repayment time is certainly not as long as a mortgage. However, it is longer than paying cash in stages. You have a maximum of 60 months or 5 years to pay off the home loan.
Buy A Second Hand House
Compared to new homes, used homes certainly have a cheaper price. However, in buying this used house, choose an intermediary agent who can be trusted. That way, you can get a used house that is in good condition, doesn’t require a lot of renovation costs, and is pocket-friendly.
You can buy a used house through Pashouses. Namely, a trusted platform that connects sellers and buyers in Indonesian used house transactions, especially the Jabodetabek area.
In addition to finding suitable used houses, Pashouses can also help those of you who want to buy a house with a mortgage program. All transactions made through Pashouses are free of admin fees. You will be assisted by Pashouses expert consultants in every process until it is complete
Buy A House With A Non-Landed House
If buying a used house or a bank auction is still too expensive, you can buy a non-landed house, such as a small apartment or flat. In addition to having contemporary housing that is much cheaper, the maintenance of this property is easier.
Build Your Own House Step By Step
If you don’t want to get into debt at all, but want to have a house of your dreams, be patient by building a house in stages. You can start by buying a plot of land or a lot. This is done to avoid a spike in land prices.
Find land with strategic locations and affordable prices with your current savings. After the land becomes private property, you can arrange for yourself when the time is right to start building a house in stages.
Buy A House With Cash Or With A Mortgage Mechanism?
In buying and selling houses, you can make payments in cash, cash in stages, credit, or mortgages. The following is an explanation for each of these payment methods:
Buy A House With Cash
This cash house purchase means, you immediately make a payment in full, the value of the house price when the transaction is buying and selling a house. Buying a house without a mortgage or cash is recommended if you have enough money.
If the amount of money is not enough to buy a house in cash, you can choose a gradual cash payment. As explained in the previous discussion, this gradual cash means that you can make several payments within a certain period of time. This method is more recommended for those of you who have additional income in large quantities.
Buy A House With A Mortgage
KPR or Home Ownership Loans are facilities offered by third parties (banks) to help you pay off your home purchase or renovation. If you don’t have enough savings, but you want to buy a house, you can try using a mortgage. What’s more, your source of income is only from regular salary without other additional income.
The basic principle of this mortgage mechanism is that the bank pays off the cost of buying or repairing a house first. Then, you pay the bank with an installment system. In Indonesia itself, there are two types of mortgages, namely:
Subsidized Mortgage
It is an assistance/subsidy for credit relief or additional funds intended for people with lower middle income.
Non-subsidized Mortgage
It is a mortgage that is provided for all people in the community. All terms and conditions used in this non-subsidized mortgage depend on the policies of each bank.
So, between buying cash and mortgages, which one is better to buy a house? This cannot be determined with certainty, because it depends on the financial condition of each person. Therefore, take into account your financial condition before buying a house.
If you decide to buy a mortgage, here are some procedures that must be followed to get your home loan application approved:
Complete The Document
Documents that you need to prepare include personal data and documents for the house you want to buy. The completeness of the documents includes NPWP, KK, KTP, current account, work certificate, certificate of completion from the developer, IMB, and a photocopy of the land certificate to be purchased.
BI Checking Process
The BI checking process—now referred to as OJK SLIK (Financial Information Service System of the Financial Services Authority)—is an information record containing the credit history of prospective debtors at banks or other financial institutions. This procedure is carried out to find out whether the prospective debtor’s credit bill is running smoothly or has problems.
Bank Quote Calculation
If the BI checking process is approved, the bank will provide a loan offer. This offer, of course, includes interest. The amount of this interest can vary, depending on the bank that offers the loan.
Credit Contract
After the loan nominal application is approved by the bank, a credit agreement will be made involving a notary. The presence of a notary is intended so that the transaction is legal and has legal force.
Tips For Passing The BI Checking
In order to pass BI checking, of course you must have a clean credit history. This means that bill payments are smooth, there are no arrears, or there are no bad credit bills. If this happens, you need to do a whitening BI checking.
In doing whitening, here are some steps that must be done:
- Immediately pay off credit bills or debt arrears at the bank.
- Once paid off, monitor your BI checking status. If the score has not changed, immediately contact the bank concerned.
- The last step is to make a letter of clarification to the relevant bank that you have paid off the bill. Then, confirm with the OJK regarding the settlement of your credit obligations.
Can I buy a mortgage house without BI checking? Certainly can. The trick, you can buy a house on credit through a sharia developer. These sharia developers generally offer an installment system directly to the developer, without going through a bank so that debtors do not need to go through the BI checking process.
The process of submitting a mortgage to a sharia developer is more or less the same as applying for a bank mortgage. Developers still ask for payslips and checking accounts to determine the debtor’s ability to pay off the mortgage payments.
The difference between sharia developer mortgages and bank mortgages lies in the installment interest. In sharia developer mortgages, the margin has been determined in advance from the operational costs of building a house. That way, in the mortgage installment mechanism, there is no interest calculation for this sharia developer.
Those are 10 tips for buying a house without a mortgage and also all the mortgage stuff you need to know. Want to buy a cheap house without the hassle? Trust Pashouses. This Jabodetabek used house buying and selling platform is ready to help the process of buying your house in cash or mortgage.