Buying a house is an exciting event, it can be the biggest purchase that you will ever make in your life. Therefore, understanding the steps involved in securing a housing loan will help you save time and avoid the hassle.
The below information will give you an better understanding into the various procedure on financing a house and outlines the steps in the overall process of financing a house. It gives you on the guidance through the basics and valuable tips on financing a house.
Before you decided to buy a property, you should first work out a budget to help you determine how much you can afford and the price on any property you may wish to buy. As a guide, your monthly financial commitments on paying installments for your house, car and other payments should not exceed 1/3 of your net monthly household income.
Your source of funding can be all or any combination of the following:
ii. Withdrawal from Employee Provident Fund (EPF) account
iii. Loan facility from a financial institution