Calculate how much it will cost to renovate your home

Because the amount of money to buy a house is a sum that cannot be underestimated, so for those owners who cannot afford to pay off the house in one go For now, a loan is the best way. So, how much loan can I get for a house worth 1.2 million? What should you pay attention to when getting a home loan? Let’s explore it together!

1. How much loan can I get for a house worth 1.2 million?

1. If you are buying a new house, and it is the first time to buy a house, and it is a commercial loan type, then the minimum down payment is 30% of the house price, which is 360,000. It can be seen that a 1.2 million house can be financed with a loan of 840,000, and it must be repaid within 30 years. The main factors that affect changes in loan amounts are different down payment ratios, different loan years, different loan methods, etc.

2. In addition, whether you choose a commercial loan or a provident fund loan, the down payment is essential, and the remaining money can be used to apply for a loan. And the loan must have a purchase contract and down payment certificate before it can be implemented. In addition, it should be noted that your down payment cannot be advanced with provident funds.

2. What should you pay attention to when getting a housing loan?

1. When applying for a mortgage loan, you must act within your ability

Many homeowners think that the larger the loan amount, the better when buying a house, but in fact this is not the case. Because even if you obtain a high-value loan, you will have to repay it later and pay a certain amount of interest. The longer your loan period is, the larger the loan amount will be, and the interest paid on the loan will continue to increase, ultimately leading to an increase in your repayment pressure.

2. Provide true information

If you provide false information to the bank when buying a house, it will cause irreparable consequences. At worst, the bank will re-examine and refuse to grant you a loan, so you will not be able to realize your dream of living; at worst, because the materials you provide are false, the loan will not be successfully processed, and the developer will ask you to Bear the responsibility for breach of contract of commercial housing pre-sale contract and late delivery of mortgage documents, and also pay a liquidated damages.

Editor’s summary: The above has introduced to you how much you can borrow for a 1.2 million house and what you need to pay attention to in a housing loan. I hope it can give you some help. If you want to explore more home loan-related content, you can keep locking our website!

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