Cheap home loans are subsidized home ownership programs provided by the government or private developers to people who have low income. Installment of cheap home loans is very low under Rp. 1 million per month with a repayment period of up to 20 years.
People who want to apply for cheap home ownership loans can apply to state-owned banks or private banks that have collaborated with the developer.
The conditions that must be met in this case are indeed slightly different from ordinary commercial home ownership. Cheap houses are subsidized homes that can only be purchased by certain groups of people.
Requirements to Get Cheap Home Loans
There are several cheap home loan terms that you need to know if you are interested in utilizing this government program.
- Indonesian citizens over the age of 21 are proven by the identity of the e-KTP.
- Have a family card, savings account, and tax ID.
- Attach your husband / wife e-KTP if you have a family.
- Monthly income is no more than IDR 4 million which can be proven by a pay slip or checking account in the last three months.
- Pay a down payment with the nominal specified by the developer.
- Not having a private house or submitting a house now is the first house to be purchased.
These low-cost home loan terms are a general requirement. It is possible that some developers also provide other conditions that have not been specifically listed and adapted to their respective policies.
So Here’s How to Get Cheap Home Loans
Applying for cheap home loans requires patience and thoroughness in preparing requirements documents. The developer and the bank that gives credit will make a rigorous selection.
Because in particular, cheap home loans are really intended for people with low economic levels. Cheap credit is not intended for people who already have a house, especially if it is only intended for investment.
Then how do you get cheap home loans?
- Looking for information on housing subsidies from various media.
- Conduct surveys to areas that build low-cost housing projects, such as in the Jakarta suburbs.
- Prepare complete requirements documents in accordance with the stipulated conditions.
- Setting up low-cost housing DP, at least with a range of between Rp 2 million to Rp 10 million.
- Perform transactions carefully and carefully.
- Compare prices with facilities obtained.
Getting cheap home loans is indeed not easy. Because the demand is very high. Especially if the access is close to the station or terminal. If you cannot get a subsidized landed house, cheap flats can be a profitable alternative.
Cheap flats are usually provided by the government in the middle of the city so you no longer need to pay for more expensive transportation costs. As an alternative, you can consider buying a bank confiscated house through the official Bank program service as well.
Wise in Choosing a Dream Home
Even though cheap home loans sound attractive, you don’t need to rush. Considering that the house you buy will be occupied for a long time, then of course the surrounding environment must be comfortable.
For starters, at least consider the access to transportation, facilities, and weather in the area of the house that is suitable for personal health and the future growth of children.
If you have got a suitable location and the best offer. Only a cheap home loan is proposed. Learn the terms and mechanism so that the cheap home loan that you submit can be approved by the Bank.
For information, the price of cheap homes ranges from Rp. 80 million to Rp. 145 million. These prices are regulated in the Minister of Finance Regulation (PMK) no. 113 / PMK.03 / 2015 and each region can have a different price range. This happened because of differences in the prices of materials in each region.
Know that decent housing does not have to be expensive as now the government is building thousands of cheap homes in various regions, not just in Jakarta. To consult on national low-cost home loans, you can visit the official SWE Bank website.