For families with low income level, it is not easy to collect the down payment for buying a house, but the desire to buy a house is particularly strong, so many people have the question of whether the down payment can be loaned. In principle, loans are not allowed for down payment, but it is also possible to use other methods. I remind you that it is not difficult to find out how to get a loan for the down payment, but if you choose a loan for the down payment, it will probably make the family face a greater burden in the future.
Can I get a loan for the down payment?
Strictly speaking, you can't get a loan for the down payment on a house. The down payment is the payment when buying a house. You can't get a full loan when you buy a house. You have to pay part of it first and borrow the rest from the bank. Now the requirement is to pay 3% of the house price. Because considering the repayment risk of the loan, the relevant departments will require the purchaser to provide a part of the down payment, that is, the individual will pay a part of the house payment in advance to prove that you have the repayment ability.
according to the national loan policy, buyers need to prepare 3% down payment before applying for a loan to buy a house for the first suite, and 6% down payment for the second suite before applying for a bank housing loan.
how to get a loan for the down payment
1. Choose a developer who can pay the down payment in installments
If the down payment is insufficient, the buyer can borrow money from relatives and friends or pay by credit card. In addition, an activity that many developers like to carry out is down payment by installment. Down payment by installment means that the purchaser pays part of the down payment according to a certain proportion and signs a loan contract, and then makes up the remaining down payment within a certain period of time. The deposit paid in advance by the developer is interest-free, and the customer only needs to sign the relevant contract with the developer, stipulating the installment repayment time and related liability for breach of contract.
2. Apply for a credit loan
Applying for a credit loan is also a good way to make up the down payment. If an individual has a stable job and good credit, he can apply for a credit loan to make up for the lack of down payment.
3. To apply for a mortgage loan
You can apply for a mortgage loan or other loans first, and then use the money obtained from the loan as a down payment before you go to the loan. This operation is risky. If the family income is not high, it is likely to lead to the family's economic crisis.
Whether the down payment can be used for loans or not depends on the regulations of lending institutions. The conditions of credit loans and mortgage loans of different lending institutions are quite different. In fact, if the family's income level is not very good, the repayment ability is insufficient, and the down payment of the loan to buy a house is not enough, the down payment must be raised by the loan. Even if you know how to get a loan after the down payment, it is likely to lead the family into an economic crisis and face greater risks in the future, so you should consider it carefully.