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You may want to get a dream home, but your income may not be enough to buy one Home is one of the options you might want to consider when you trying to place a place that suits your lifestyle.

In this article, we will be introducing 5 steps to achieve a home loan for your dream house.

1. Income assessment

You should choose to buy a house that matches the income so that the loan amount is in line with our income and your ability to pay in installment. Don’t choose a house in excess of the price and beyond the ability to pay in installments and you should not borrow too much as well

2. There should be a deposit of at least 10% of the housing price

In case you don’t borrow in the full credit limit, you will have this money to pay the difference or use as expenses on the transfer of ownership. You shouldn’t hope too much for a difference that will be used as an expense on the day of ownership transfer.

3. Build your financial history

In the case you are a full-time employee, there is even a higher chance of approval than self-employed people or someone who is a permanent employee but does not have a payslip, but it is necessary to build a solid financial history as well. Which of course Must start with income history from the bank book used to receive a salary. Before submitting a loan for 3-6 months, you should have at least 300,000 kip remaining in your account, you should not withdraw 100% of the money as soon as the salary is released.

4. Build income history

If you are a Self-employed person who having an unstable income is already difficult to borrow. If there is no history of income through a bank account at all, the chance of borrowing through is quite equal to 0, so people who are self-employed Should be deposited into the account continuously, and keep the income-expenditure account (at least 6-12 months before the loan submission) to be used as income documents for submitting.

If you are a regular employee, but there is no payslip since it is a family company and receives a salary in cash, You should build an income history by bringing these cash into your account every month at least 6-12 months prior to submission of the loan.

When submitting for the loan, ask the company to release a salary certificate or income statement, together with the bank book (if the company happens to be long-running or having a sustainable business, it’d be more helpful to secure the loan)

5. Prepare the documents

Before applying for a loan, you need to prepare all the documents related to income, such as salary certificate, payslip, income history, 3-6 months of your account statement, and personal documents such as ID card, family book, etc.

If you submit all the required documents on the day of the loan, you will be approved sooner

In yula.la, we having a listing of leasing company for a home loan that you can choose from, click here to see the listing and details in home loan!