HomeBusiness7 How to manage home debt? Stay away from being blacklisted!!!

7 How to manage home debt? Stay away from being blacklisted!!!

Home debt, although it sounds a lot and lasts a long time. But if you have a good plan to manage this debt, there is a chance that it can be closed early. I only ask that you have strict discipline. You can always have home debt for the long term.

A home is a type of real estate that has a very low price. Buying a house with cash is almost impossible these days. If you don’t have that kind of bucket Even a person with enough money doesn’t buy all of them with cash. That’s because he kept the cash for something better.

A home loan is therefore the best answer for anyone who dreams of having a home of their own. But keep in mind before deciding to buy a home that Whenever a financial institution approves and releases your money to buy a home. This debt is your obligation every month for many years, possibly 10-20 years depending on the contract you have made. Before thinking of buying a house, you should plan your life well. Then you will not suffer from this debt. Today we have a few tips for you to manage this debt happily.

I want to have a condo in a good location. I want a townhouse If you don’t borrow money to buy, you don’t know what to do?

Family life began in her 30s after marrying a boyfriend who had been in a relationship since high school. Finally decided to live together as a couple.

after marriage After living together for a while at an apartment near the BTS line, the two of us decided that It was time to have a place to live as a source for building the future. Because when calculating the rent of an apartment each month and then feel ashamed. pay a lot of rent The room was not ours anyway.

So the quest to find a home began. Two options are aimed at a house or a condo. and most importantly, it must be close to the electric train line for convenient travel because both of our workplaces are in the city The idea of ​​driving to work is forgettable.

But when considering choosing a home first Instead, found that the house in the heart of the city near the electric train line was very brutal. After consulting each other, the price can’t be beaten. And besides, I don’t want to bother with money from home again, even if the family wants to support some of them. The last option ended up being “A condo in a good location”

After searching for information and location for a while then ended up in a new condo built near the train line of one project Although the location is far from the city enough. But with the train line that runs into the city near the condo, and most importantly, the price that we can fight So we both decided to choose this place as our first real estate jointly built.

Although the price is not as high as the house But it’s not something you can buy with cash anyway. The next task after the down payment is to find a bank to apply for a loan. Fortunately, the salaries of both myself and my wife combined were high enough to comfortably apply for a loan. So decided to borrow together to create a future together.

with planning and excellent account management of Sri Wife, This made over 4 years, no month had to be uncomfortable at all. And now our family will have good news soon….

Before deciding to buy a house, ask yourself a bit because home debt is a long-term burden.

1. Examine yourself how ready you are to take on this burden.

As previously mentioned, the home debt burden is a continuous burden for many years. How well prepared and prepared are you for a long-term plan? If you can answer these questions and are confident that you can handle them, you are ready to buy a home.

2. Explore your savings and treasury. In case of an emergency, it will not be difficult.

If you are going to be in big debt and take a long time You must always have a certain amount of money in reserve for emergencies. in case of unforeseen emergencies And you have to be disciplined enough not to touch it unless necessary, or you’ll have a hard time getting into it.

Home debt and how to get out of debt, we have advice.

1. Plan your finances plan your family well

When a large debt such as a house debt is not a burden for just one person. But it’s all about the members. help in financial planning Manage your home’s treasury well. These things require you to be financially disciplined and have a great understanding of your family. If you can, you will be able to pay off this debt without difficulty.

2. Choose the maximum number of years to repay. because the monthly installment rate is less

It’s true that even the longer the number of years to pay off your home, the more interest you pay to the bank than the fewer years, which can inadvertently be nearly double the difference. But in reality, there are many ways to end your home debt early. which can do so, will cost a little more interest than before The longer the number of years, the lower the monthly installments. So you don’t put too much pressure on yourself.

3. Have extra income share a portion of the debt

The easiest way to get out of debt is to pay more from the original rate. Your debt balance will decrease quickly. When there is extra income coming in such as bonus money Bring some to cover your home debt and your debt will be paid off faster.

4. Earn more income in addition to debt that will reduce quickly. the family will be stable

Home debt is a recurring expense that occurs every month. Another way to beat it is to earn extra income. Find additional sources of income, whether it’s part-time work, or overtime unless you have money to pay more debt. Your well-being will not be too tight.

5. If you want to get out of debt quickly, “Refinance” can help you

One thing that people often don’t know is Refinancing your home will help you pay off your home debt faster. Because every time you apply for a home loan there is a promotion called a fixed interest period in the first few years before adjusting to a floating interest period. During this period, if you pay more than the minimum rate of home debt You will see a drastic decrease in the principal amount. When you run out of this promotion with the borrower bank Look for another bank and refinance. Even if you can do it a few times, your principal is reduced to bloom.

6. If the home loan is too tight, turn to the bank directly

If you start to feel that your home loan is getting too heavy. Don’t let the problem prolong talk directly with the bank. Because the bank itself does not want bad debts to arise. Talking will help you find a solution before it spreads.

7. No, don’t run, don’t pay, you’re about to face the toughest penalties

If you think that when you can’t pay an installment, stop paying the installments without talking to the bank. Do you know how cruel the default penalty is? Because interest is charged at a rate that is up to 1 times the original rate and interest is calculated over and over until you are sued in court. Stopping payments isn’t the solution, but you’re tying yourself up for an unsolvable condition.

How to prevent home debt from hurting you?

Home debt is classified as debt that can be created. After all, a house is a type of real estate that can be sold in the future. At this point, let’s see how to prevent home debt from hurting you.

1. The price of the house must be according to the strength that he can afford.

Choosing a home according to your strength is the best defense. Overdoing it will only have a negative effect that in the end, it will create new problems for you.

2. Don’t build up unnecessary debt.

This requires a lot of financial discipline. Keep in mind the importance of home debt first if you’re thinking of incurring unnecessary debt. You have to decide for yourself whether someone else’s belongings and the house are confiscated. Which one would you like to choose?

3. If you really can’t, then don’t push yourself too hard. Sell ​​the house before you run out of opportunities.

If in the end, it doesn’t work, don’t be so stubborn, put all your savings down and you still can’t find the end. Sell ​​it and find somewhere else where you don’t have to grit your teeth. Even the new back may be a bit smaller But if you can breathe easily, it’s best for you.

Home debt, although it sounds a lot and lasts a long time. But if you have a good plan to manage this debt, there is a chance that it can be closed early. I only ask that you have strict discipline. You can always have home debt for the long term.



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