Get to know the types of mortgage housing

Did you know that there are different types of houses available, especially in Indonesia? Occupancy or home is one of the primary needs of every human being. In addition to shelter, the house is also a place to rest and gather with family. Let’s review the following article in full.

Subsidized Housing Loans

People who do not have private housing and have never received a housing ownership subsidy are the main targets in the one million houses program. This is because equal distribution of welfare is being sought for all Indonesian people to be able to have private residences.

If you want to have a subsidized mortgage, you must have worked for one company for at least a year. The income requirement for obtaining a subsidized mortgage is a maximum of Rp. 4 million for subsidized mortgage applicants, and a maximum of Rp. 7 million for flat housing mortgage applicants. Subsidized mortgage applicants must be at least 21 years old or married.

Complete personal documents such as photocopies of the applicant’s KTP and KK, latest salary slip, photocopy of NPWP and annual SPT, photocopy of bank statements for the last three months, letter of acknowledgment that they do not own a home, and a letter of acknowledgment that they have never received a housing subsidy.

However, this mortgage applicant will find it difficult to get mortgage approval if they have a track record of bank transactions that are not good enough. People who have experienced a black list because they did not pay their credit cards, are often late in paying off installments, and have a number of other bad records, will affect their mortgage application.

Sharia KPR House

There are clear differences between sharia mortgages and conventional mortgages. In sharia mortgages, what is being transacted is goods (in this case houses) together with a buying and selling commitment (murabaha). Meanwhile, in conventional mortgages, what is transacted is money.

In this transaction, an Islamic bank “seems” to buy the house the buyer wants and sells it to the next buyer in installments. Even though they do not apply interest, Islamic banks also collect profit margins from the selling price of the house.

For example, a buyer buys a house worth IDR 300 million and an Islamic bank confiscates a profit margin of IDR 100 million. Then the money that must be paid in installments during the tenor period is IDR 400 million, minus the amount of the down payment.

In the United States, the use of sharia mortgages feels calculated. Especially since the world financial crisis that hit this superpower in 2009, which caused property prices to drop sharply.

Sharia mortgages are in demand in the US because they have stricter regulations, and they will not disburse mortgages if they deem this property investment not good enough.

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