How go­ing on­line for home loans sim­pli­fies task

The Nation - - TECH/START-UP - NETITA TAECHATHASIRI Netita Taechathasiri is co-founder and CEO of Som­jai Home Loan, a startup in dtac ac­cel­er­ate batch 6.

PUR­CHAS­ING a house or con­do­minium means in­vest­ing in a life­time as­set. If you are buy­ing a house, it is pos­si­ble that you will need a good home-loan pack­age. There are sev­eral home loans from ev­ery bank avail­able in the mar­ket to­day, with each com­ing with count­less ben­e­fits, fea­tures and pro­mo­tions.

Whether you need a house to live in or for in­vest­ment pur­poses, a home loan can usu­ally be ar­ranged from a bank of your choice.

The el­i­gi­bil­ity cri­te­ria dif­fer from bank to bank. Here are the five most im­por­tant fac­tors that feed into de­ter­min­ing home loan el­i­gi­bil­ity cri­te­ria from all banks in Thai­land:

1. In­come: This is the im­por­tant fac­tor for defin­ing the max­i­mum loan amount you can bor­row. We can cat­e­gorise this by two groups – those re­ceiv­ing a wage or salary and the self-em­ployed. Whichever cat­e­gory the ap­pli­cant falls into, a steady and reg­u­lar source of in­come is a must to en­sure they have the funds to pay back the banks ev­ery month.

Salary men/women. If you work for any govern­ment de­part­ment or at any reg­is­tered com­pany, you be­long to this group. Pay slips, bank state­ments and an em­ployer ref­er­ence let­ter are the doc­u­ments al­most all banks de­mand.

Self-em­ployed. If you have your own com­pany or busi­ness, or have other sources of in­come such as own­ing ren­tal prop­er­ties or hold­ing shares, you be­long to this cat­e­gory. If you have tax-re­lated pa­pers and bank state­ments to show, you can cer­tainly ap­ply for a home loan.

2. Rate of in­ter­est: Home fi­nance el­i­gi­bil­ity is al­ways in­versely pro­por­tional to the rate of in­ter­est. If the in­ter­est rate is higher, el­i­gi­bil­ity will be lower – and vicev­ersa.

3. Out­stand­ing loans: Thai banks al­ways rec­om­mend keep­ing your debt-to-in­come ra­tio be­tween 50 or 80 per cent. This is to leave a win­dow for fu­ture loans or to pay off any ex­ist­ing loans. Un­set­tled loans could be a great lim­i­ta­tion on your el­i­gi­bil­ity.

4 Loan term: If you choose a longer ten­ure, your el­i­gi­bil­ity will in­crease. But the down­side to this is that you will end up pay­ing more in­ter­est.

The max­i­mum loan term of most banks in Thai­land is 30 years. Age is a fac­tor that could im­pact the loan term, as the re­pay­ments have to be com­pleted be­fore the age of 60 or 65.

5. NCB re­port: Banks also ex­am­ine your credit re­pay­ment his­tory from NCB (Na­tional Credit Bureau), the coun­try’s reg­u­la­tor and first credit in­for­ma­tion bureau. A neg­a­tive record can bring down your el­i­gi­bil­ity sig­nif­i­cantly.

Smoother process

Applying for a mort­gage doesn’t hap­pen overnight, and you can make the mort­gage ap­pli­ca­tion process a whole lot smoother when you pre­pare well in ad­vance of ap­pli­ca­tion time. Our ad­vice is to not quit your job, make sure you clean up your credit re­port, pay down your out­stand­ing debt, be­gin sav­ing. You are now good to go.

With tech­nol­ogy lead­ing the way in ev­ery­thing in our daily lives, on­line in­for­ma­tion gather­ing and ap­pli­ca­tions for home loans are gain­ing mo­men­tum. On­line ap­pli­ca­tion is a time­sav­ing and con­ve­nient way to ap­ply for loans and is be­com­ing the pre­ferred choice for many bor­row­ers.

A one-stop home-loan ap­pli­ca­tion ser­vice plat­form such as som­ is the lat­est and eas­i­est way. Home­buy­ers no longer need to walk into a bank branch to find out what of­fers are avail­able, col­lect in­for­ma­tion on­line and off­line, com­pare to find the best rate, cal­cu­late el­i­gi­bil­ity, sub­mit the re­quired doc­u­ments and fol­low up on ap­pli­ca­tions.

An on­line ser­vice, such as the Som­jai Home Loan, may of­fer the eas­i­est way to go on­line and com­pare var­i­ous home loan of­fers in the mar­ket and make a list of banks most suit­able for your needs. This can save a lot of time and ef­fort.

The home-loan ex­pert team will al­ways be there to pro­vide spe­cial con­sul­ta­tion ser­vice and en­sure you get the best deal in the mar­ket at the best ex­pe­ri­ence.

The Som­jai team also pro­vides a home loan ser­vice for for­eign­ers in­ter­ested in pur­chas­ing con­do­minium units in Thai­land. Our English-speaking staff are ready to pro­vide prompt ser­vice and make rec­om­men­da­tions.

Som­jai Home Loan staff can track down the best deals.

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