The First Home Program is a way for young people to purchase a home, with a small enough advance of just 5%. For a First Home loan, the state guarantees between 40 and 50% of the loan, and the condition imposed on banks is to provide cheaper loans. To รีไฟแนน this is essential now.
Do not own any dwelling in exclusive property or with your spouse, or if you already own a dwelling under these conditions, it will have a floor area of less than 50 m² and not be acquired through the Program.
Do not have a mortgage
Have at least the minimum wage on the economy. Have at least one year of work experience and at least 3 months in the current job. Minimum age required by banks is 18-25 years or maximum age at end of loan 63-65 years. Eligibility conditions are similar to income-based mortgages, but you must not own or together with your spouse a property with a usable area of more than 50 square meters.
What documents are required for the file?
- Your identity act original and copy
- Identity card of the partner original and copy
- Copy of marriage certificate if applicable
- Documents to certify your salary and your partner where applicable
- Buyer-purchase agreement between seller and buyer in original, stating the payment of the advance
- Property documents of the dwelling
- Land Book Extract
Authenticated statement that at the time you applied for the credit you have no home greater than 50. Required documents are the same, with the difference that you also have to bring to the First House credit:
A notary statement stating that you do not already own a property or with a spouse, or if you already own a dwelling under these conditions, have a floor area of less than 50 square meters and not be acquired through the Program. Extract from Land Information Book if the building is finished and has a cadastral number in the original.
What are the benefits of First Home Loan?
It has the slightest advance: only 5%. The interest rate is quite small at 3 months plus margin of maximum 2%. There are many conditions required to get the credit. It takes a long time to get the credit and you need a file with many papers when you apply. There is a collateral deposit of 3 interest rates. The properties purchased through the First House are not subject to the Payment Dues Act.
There is a ban on sale for 5 years from the time of purchase, except when the loan is paid in advance from its own sources. An annual management fee is paid. The dwelling for which the loan is claimed must fall under one of the energy efficiency classes.
To force you to secure your home against all risks do not forget that you can find out all the details about First Home 2019 in complete guide. These two types of credit are among the most advantageous if you want an apartment just yours. Now that you know what the advantages and disadvantages are, you can make a safe decision. Find out what other payment options are available from our article on the benefits and disadvantages of all types of real estate credit, as well as cash payments.