What are the requirements to apply for a home loan?
The requirements vary depending on the financial institution and the specific characteristics of who is requesting the loan; for example if you are a salaried worker, independent worker or retired. Generally they request: bank certificates, employment letter, withholding certificate, copy of the income statement, photocopy of the identity card, among other documents.
How much can I request in a home loan?
The first thing to know is that the amount to be approved for financing depends on the income of the family or the person requesting it. Previously, financial institutions only lent the maximum of 70% of the value of a real estate. Currently, up to 95% of the value of a property can be financed, but all this depends on the results of the study done to the applicant months before the loan approval.
How many installments are paid on a loan?
The amount of installments and the time that a loan is paid (if it is medium or long term) depends on the amount of money and what is agreed with the bank. Here the interest rate and the interest rate that you are using also comes into consideration because it will directly affect the amount of money that is paid in each installment.
How much do you pay in total for a loan?
This is difficult to determine exactly without having the interest rate of the bank you are going to use. There are calculators online that can help you calculate the total you will pay once you have all the necessary information. However, it must be taken into consideration that each specific case may present different variables.