How To Get Mortgage Loan Approved for Indonesian Working Abroad
Talking about dream home, we thought it was impossible if we were still working abroad. But it turned out to be a dream come true. With the limited financial we knew we will not be able to buy our dream house, although it would be sufficient for the down-payment but not for paying the whole thing.
Buying a house is no cheap, when we see the price of the house, we would forget there are some hidden price we need to pay, such as -the most consuming one- taxes, yup!! And at the beginning we have no clue it would cost us so much more than we have budgeted. Let me share you little bit the process of getting a house in Indonesia - if you are planning to get a housing mortgage.
1. Get in touch with the sales person, let him tell you more about the house you are going to buy, since you are abroad, you may need to ask as many questions as possible in order to understand more about the property and the vicinity you are going to live in.
2. Be friend with the sales person, he may help you to persuade the bank to give you the mortgage ;-)
3. Pay the booking fee as soon as you are sure about buying the house, or after you have surveyed it yourself. You may need to do this before the month end, as the price of the house increases by 2 - 10 million every month. By paying the booking fee, they will keep the price of that current month, and they will not increase your house price.
4. At the same time the sales person will bring your papers to the bank, this include: copy KTP, copy KK, original employee/salary certificate, last 3 months bank statements, and for us TKI, in order to get it approved, you have to work in an international company, the well-known that has branches in big cities in Indonesia. I work in Melia, and thank god it has hotels in Jakarta, Bali and Jogja. You might work for a famous international company, but if it doesnt have any branch in Jakarta or other big cities in Indonesia, you may have to stop trying until the company build one branch in Jakarta.
5. My bank, BII was very quick processing our paper, after 10 working days we got the responce, they start asking about the salary, about the employment, they even interview my HR Director and asked her few questions. You better give all the details correctly and honestly to the bank, you might jeopardize both of your chances: of getting your dream house and most important your employment, if you lied.
6. A month of process clarifying documents, agreeing on somethings to compensate their requirement which we cant fulfill due to our long-distance relationship (heheee :p), in our case the compensation was to give them 50million as a deposito (dont know what it called in English) for 10 years.
7. Bank approved, we sign the paper, pay the Down-Payment which gone up to 30%. and set meeting for the "AKAD Kredit", at this point we need to spend money for the ticket, we have to be there for one day full of signing papers. From paying the DP to akad kredit there will be like 2 months gap.
8. You need to spend more money for going back and forth to Indonesia, as after few month we need to sign few more contract with the lawyer. From akad kredit to lawyer process there is 3 months gap.
9. I guess, that is pretty much it.. :D simple ha! (Nooott!!!)
Let me know if you need any further info, I will be happy to help.
Buying a house is no cheap, when we see the price of the house, we would forget there are some hidden price we need to pay, such as -the most consuming one- taxes, yup!! And at the beginning we have no clue it would cost us so much more than we have budgeted. Let me share you little bit the process of getting a house in Indonesia - if you are planning to get a housing mortgage.
1. Get in touch with the sales person, let him tell you more about the house you are going to buy, since you are abroad, you may need to ask as many questions as possible in order to understand more about the property and the vicinity you are going to live in.
2. Be friend with the sales person, he may help you to persuade the bank to give you the mortgage ;-)
3. Pay the booking fee as soon as you are sure about buying the house, or after you have surveyed it yourself. You may need to do this before the month end, as the price of the house increases by 2 - 10 million every month. By paying the booking fee, they will keep the price of that current month, and they will not increase your house price.
4. At the same time the sales person will bring your papers to the bank, this include: copy KTP, copy KK, original employee/salary certificate, last 3 months bank statements, and for us TKI, in order to get it approved, you have to work in an international company, the well-known that has branches in big cities in Indonesia. I work in Melia, and thank god it has hotels in Jakarta, Bali and Jogja. You might work for a famous international company, but if it doesnt have any branch in Jakarta or other big cities in Indonesia, you may have to stop trying until the company build one branch in Jakarta.
5. My bank, BII was very quick processing our paper, after 10 working days we got the responce, they start asking about the salary, about the employment, they even interview my HR Director and asked her few questions. You better give all the details correctly and honestly to the bank, you might jeopardize both of your chances: of getting your dream house and most important your employment, if you lied.
6. A month of process clarifying documents, agreeing on somethings to compensate their requirement which we cant fulfill due to our long-distance relationship (heheee :p), in our case the compensation was to give them 50million as a deposito (dont know what it called in English) for 10 years.
7. Bank approved, we sign the paper, pay the Down-Payment which gone up to 30%. and set meeting for the "AKAD Kredit", at this point we need to spend money for the ticket, we have to be there for one day full of signing papers. From paying the DP to akad kredit there will be like 2 months gap.
8. You need to spend more money for going back and forth to Indonesia, as after few month we need to sign few more contract with the lawyer. From akad kredit to lawyer process there is 3 months gap.
9. I guess, that is pretty much it.. :D simple ha! (Nooott!!!)
Let me know if you need any further info, I will be happy to help.
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