Building savings loan is essential for the acquisition of own housing. You are legally entitled to receive it after two years of savings, and at the same time you must meet the conditions imposed directly by the Bank. The advantage of the building savings loan with respect to the mortgage is mainly that it is available for lower amounts and does not need to secure real estate. Unlike a classic mortgage and สินเชื่อรถผ่อนอยู่ , it can also be used to acquire a cooperative apartment.
Under the new Building Savings Act family contracts can be merged. Merging several contracts into a single loan is administratively easier than handling multiple loans, and at the same time you can achieve better conditions.
If you want to take out a loan but need more than the current contract allows, you may increase the target amount under certain conditions. In many cases, savings banks will accept this change for a fee usually 1% of the difference between the old and new target amounts without any problems, but may also try to get you to relinquish some of the benefits of the earlier contract. In that case, you have to individually assess what is more convenient for you.
Do you have an old contract with higher interest on deposits and want to take a loan? Old contracts have significantly higher and thus disadvantageous loan interest compared to new ones. Ask if bank will allow you to switch to a newer plan and, as in the previous paragraph, consider at what price this exchange would take place.
If you are not yet eligible for a building savings loan, you can apply for a bridging loan if necessary. It’s a quick but more expensive option because you pay interest on the entire target amount including what you’ve already saved. Moreover, repayment does not reduce the principal at all, but only pays interest and at the same time saves on your account until you are entitled to a classic loan.
The closer you are to the classic credit grant, the better conditions you can get when applying for a bridging loan. Find out at the building society what conditions you would be offered now and what for example for the next six months. Maybe it pays to wait.
Savings banks usually offer a bridging loan even at zero down payments. However, as with a mortgage, it is necessary to secure it with property, which results in lower interest on the loan than other bridging loans. However, as with other bridging loans, the principal is not repaid even here until the classic loan is granted.
Mortgages have a much longer history than building savings, but only in the last few years have they become a widely used tool for housing financing in the post-revolutionary. They lost the attribute of luxury goods mainly due to falling interest rates and a change in the attitude of banks, which reduced the demand for potential clients.
With a mortgage, you can finance housing only if you have a sufficiently valuable property available to pledge the creditor bank. It may also be the property you are buying.