MonthJuly 2019

What is the best time to apply for a mortgage loan?

Making a purchase, however small, should not be taken lightly. Each expense we make must leave an established budget, where we have placed both the income and expenses of the month.

The same happens in the case of applying for a loan, it is a decision that must be thought two and up to three times, especially if we talk about a large amount, as the case with mortgage loans.

Buying a home is perhaps one of the most important

Buying a home is perhaps one of the most important

Transactions that we will carry out in our lives, since it is a disbursement of thousands of soles, the result of savings of several years, which is why advising each aspect carefully is 100% necessary.

The most common is to buy it through a mortgage loan, and one of the doubts that are repeated around this mechanism is if there is an ideal time to request it.

Believe it or not

Believe it or not

If we talk about choosing the best time, the answer is not found in any of the months of the year; on the contrary, it has to do with more personal aspects, that is, with areas of the applicant’s life.

Basically, the best time to apply for a mortgage loan will be determined by the person’s ability to pay, which should be sufficient to assume the payment of the credit fee; their employment status, since having a certain seniority at work there is greater stability; and also, your credit history, which is not having other outstanding debts or being reported negatively.

Aspects that have to do with the personal level

Aspects that have to do with the personal level

But in addition, aspects that have to do with the personal level must also be considered. Is that person prepared to take on such a big purchase? Do you want to settle in the chosen place? Do not have plans to move to another country in the coming years?

If all these factors are “aligned”, and in addition, there is the amount required to present it as an initial fee, this is a good time to opt for the purchase of a home.

Stamp Tax on Housing Mortgage

We all know that there is in contracting a housing loan a number of burdens that sometimes create us so much confusion that the easy way is to simply not think of them.

We are accustomed, or will be, that when hiring a housing loan we check our bank account to be handled in numerous charges, the best known being the famous dossier commissions, or even opening and still formalizing, and also by there appears a certain tax called stamp duty.

It is about the Stamp Duty on Housing Credit that I am going to dedicate some time to today, even because most customers pay so much Stamp Tax that they sometimes wonder if they are not paying the tax for the second time.

 

Stamp duty on home purchase

Stamp duty on home purchase

Once you have decided to buy or rent a house, if you have decided to buy a house with credit, housing will support Stamp Tax in two moments: at the time of writing and when the loan is made available on the current account.

Simply put, at the time of writing will bear 0.8% on the acquisition / deed value and simultaneously ( generally ), when making the loan available on demand account will bear Stamp Tax on the value of the loan according to the term of the housing credit, as follows:

  • from 1 to 5 years – 0.50% ( Amount 17.1.2 – Stamp Tax Table )
  • over 5 years inclusive – 0.60% ( Amount 17.1.3 – Stamp Tax Table )

In the same way, there is also a 4% stamp duty charge on the value of the main bank fees, namely, opening, study and assembly fees, and others, provided that they are included in the price list for commissions and expenses.

 

Seal Tax on Home Construction

Seal Tax on Home Construction

Building home with recourse to credit housing is slightly different to the level of collection of Stamp Tax. The most visible change is the absence of the tax stamp on the acquisition / deed, as there is no place to buy and sell.

As such, and since housing credit is usually made with a capital shortage period until the works are completed and the loan is made available in installments or tranches, the stamp duty will also be charged depending on the availability of the capital.

Simply put, in credit construction housing the loan is made available on current account according to a predefined plan or, more commonly, according to the funds needs for each phase. Likewise, each time there is a charge to stamp duty on the use of capital that will have the proportion according to the term of the housing credit.

With regard to the existing commissions, we can conclude that they are equivalent to the mortgage for purchase, however, there is a new commission that most banks have, called the tranche provisioning commission that occurs whenever a new use of capital is requested. On this commission levy stamp duty of 4%.

 

Housing Stamp Transfer Tax

Housing Stamp Transfer Tax

If you want to transfer your housing credit, there is no place for the payment of stamp duty, because if it existed we were faced with a real example of double taxation. It is understood that if the original housing credit has been settled due taxes. Therefore, it does not make sense to support again since what happens is a change of bank and not changes to the capital and term of the loan.

However, there are bank fees for this type of banking operation on which stamp duty of 4%