<p><span class="ac-designer-marked-selection ac-designer-copy"><span class="ac-designer-copy">If I was considering buying a house with a Home Loan, what should I do? </span> </span></p>
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<div class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy"><span class="ac-designer-copy">There is always a first time for everything. Buying a house for the first time can be challenging, as the process will be new and you will need good advice and guidance to collect all the right documents to ensure that smooth processing of your loan application. Buying a house or property is a big investment for many Papua New Guineans, and takes a good amount of reasoning, planning and commitment. <br class="ac-designer-copy"/><br class="ac-designer-copy"/>But if you have come to the point of making that choice of buying a property, here are a few tips that can help you go through, with your quest to own a property for the first time.</span><br class="ac-designer-copy"/></span></div>
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<div class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy"> </span></div>
<h5 class="ac-designer-copy"><strong class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">Plan for unexpected expenses</span></strong></h5>
<div class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">While property/house shopping, it is good to have extra funds put aside for additional expenses. If you are considering buying an existing property, that will need renovations, then you will need a quote from a contractor for the renovations. If you are planning to buy a brand new property, you may have other expenses that will required funds to assist. Every home buyer will have different requirements, so the extra savings and funds available can be helpful for you. Having additional funds available will help get through the initial stages of putting together your Home Loan application.</span></div>
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<h5 class="ac-designer-copy"><strong class="ac-designer-copy"><span class="ac-designer-copy">Letter of Sale</span></strong></h5>
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<div class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">It is advisable that as soon as you find a property that suits you, always ask for necessary proof of ownership from the landlord. A copy of the title is one of the key documents that you will need to have in order for you to buy the property. If it is a new property, make sure that the landlord writes you a Letter of Sale indicating the amount that he will sell the property to you. You should also write a letter to the landlord to accept the offer.<br class="ac-designer-copy"/></span></div>
<div class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">Having these documents already assembled will help accelerate the processing of your loan application.</span></div>
<div class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy"><br class="ac-designer-copy"/>⦁ Complete a Loan application form; </span></div>
<div class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">⦁ Letter of confirmation of employment &amp; remuneration from current employer; </span></div>
<div class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">⦁ Letter of offer from the customer confirming the purchase price and copy of the state lease; </span></div>
<div class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">⦁ Letter of acceptance form the vendor; </span></div>
<div class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">⦁ Evidence of 20% equity contribution by the customer; </span></div>
<div class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">⦁ Super ID and copy of the latest statement; </span></div>
<div class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">⦁ Copy of Driver’s license/Passport, NID card;</span></div>
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<p><span class="ac-designer-marked-selection ac-designer-copy"><span class="ac-designer-copy">⦁ Salary Deduction Authority</span><br class="ac-designer-copy"/><br class="ac-designer-copy"/></span></p>
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<h5 class="ac-designer-copy"><strong class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">Your Home Loan application and pre assessments</span></strong></h5>
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<p><span class="ac-designer-marked-selection ac-designer-copy"><span class="ac-designer-copy">When trying to apply for our home loan, it is always good to enquire for information on the pack before lodging your application. A Loan officer can help you do an assessment of your loan application before you submit the application and give your guidance of the loan application process.</span><br class="ac-designer-copy"/><br class="ac-designer-copy"/><span class="ac-designer-copy">It is always good to find out if you have all the required documents before submitting the application. Always ask the loan officer to confirm that all the appropriate paperwork in order before the application is lodged.</span><br class="ac-designer-copy"/><br class="ac-designer-copy"/></span></p>
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<h5 class="ac-designer-copy"><strong class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">Understand the various loan options</span></strong></h5>
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<p><span class="ac-designer-marked-selection ac-designer-copy"><span class="ac-designer-copy">It is important that customers understand the various Home Loan Products offered in the market.</span><br class="ac-designer-copy"/><br class="ac-designer-copy"/><span class="ac-designer-copy">Not all loan products are suitable for one customer, but each customer needs to understand the product before making a commitment.</span><br class="ac-designer-copy"/><br class="ac-designer-copy"/><span class="ac-designer-copy">Every home buyer has their own unique financial situation and it’s important to understand which type of loan best suits y</span><span class="ac-designer-copy">our needs.</span><br class="ac-designer-copy"/><br class="ac-designer-copy"/></span></p>
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<h5 class="ac-designer-copy"><strong class="ac-designer-copy"><span class="ac-designer-marked-selection ac-designer-copy">For those curious about BSP’s First Home Ownership Scheme,<br class="ac-designer-copy"/>below are few features to consider:</span></strong></h5>
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<p><span class="ac-designer-marked-selection ac-designer-copy"><span class="ac-designer-copy">Because the loans are intended to finance affordable housing for families who have never before owned a home, the loans have the following features:</span><br class="ac-designer-copy"/><br class="ac-designer-copy"/><span class="ac-designer-copy">⦁ The loan amount is capped at K400, 000.</span><br class="ac-designer-copy"/><span class="ac-designer-copy">⦁ The interest rate is fixed at 4%.</span><br class="ac-designer-copy"/><span class="ac-designer-copy">⦁ To keep payments acces</span><span class="ac-designer-copy">sibly low, long loan terms of up to 40 years are available.<br class="ac-designer-copy"/>⦁ There will be no bank charges or fees.<br class="ac-designer-copy"/>⦁ Early repayment of the loan will not be penalised.<br class="ac-designer-copy"/></span><span class="ac-designer-copy"><br class="ac-designer-copy"/></span></span></p>
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<h5 class="ac-designer-copy"><strong class="ac-designer-copy"><span class="ac-designer-copy">You may be curious about how you can source your 10% equity?</span></strong></h5>
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<p><span class="ac-designer-marked-selection ac-designer-copy"><span class="ac-designer-copy">BSP has also offers an option for young workers to buy homes using their superannuation at an interesting 10% equity rather than a 20% equity which is a standard requirement offered by banks.<br class="ac-designer-copy"/><br class="ac-designer-copy"/>The equity can be sourced from personal savings, stocks, bonds, term deposits, and proceeds from sale of personal property, Superannuation assistance (housing advance) and assistance from employer by way of Home Ownership grants. <br class="ac-designer-copy"/></span></span></p>
<p><a href="http://hausples.com.pg/home-loans-and-finance-png-port-moresby-lae/">Click here to contact BSP.</a></p>
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Tips for First Home Buyers and Their Loan Options

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