A mortgage loan is a long-term, special-purpose loan for investment property. Beware not for the purchase of cooperative flats, the repayment of which is secured by a lien on this or other property. In case of purchase or construction of a new property it is possible to draw state support for สินเชื่อรถแลกเงิน .
Use of Mortgage
With shorter maturities up to ten years, monthly payments are too high. Twenty-five or thirty years is too long and the credit is unnecessarily expensive. The ideal repayment period is close to fifteen years and for state-supported loans it is about twenty years.
Method of drawing
Interest rate is based on the current interest rate at the time of signing the credit agreement.
Banks give the choice between: A flat rate, which is usually fixed for 1 to 10 years; during this period, the Bank guarantees the amount of interest and state aid that was in effect at the time the contract was concluded; however, no changes or early repayment of the loan may be made without payment of the penalty fee floating rate, which varies depending on the movement of interest rates on the market and the evolution of the amount of state aid.
Method of repayment
In monthly repayments most often in annuity way the total monthly repayment is the same throughout the repayment period, while in the initial repayment period the interest rate prevails, at the end of repayment of the mortgage loan there is a higher proportion of the principal deposit.
Some banks also offer digressive or decreasing or progressive or rising repayments. Together with the monthly payment you also pay a flat administration fee and, if you have arranged, mortgage insurance.
Banks impose penalties for early repayment in the amount of lost interest income this fee can be avoided if the client repays the loan earlier at the time of a fixed interest rate change stipulated in the contract e.g. five years.