Flats on installments bought from the developer

Posted: August 17th, 2013 | Author: | Money

Developers are struggling for customers more and more fiercely. The war between them is manifested not only on billboards and promotions. For some time, the developers take their bite and they also offer installments from the bank to repay the apartment that are not paid to the bank, but directly to the developer. Is it a beneficial solution?

antonychammond / photo on flickr

antonychammond / photo on flickr

First of all, we must pay attention to the interest rate. These imposed by developers are quite large, and certainly larger than those in the offer mortgages. In addition, we have to pay part of the price (depending on the developer) immediately upon purchase. In general, there are amounts of less than 1/4 price of the apartment, so it is a significant amount. Does comparing it with the offer of a bank make sense and give opportunities offered by our developer?

Sometimes it is justified. Keep in mind that banks have their requirements and procedures, and thus do not always go through reviewing the credit we get or another we do not choose. Developers are often less picky when it comes to customer choice and to be given the opportunity to purchase on installments must meet the criteria for a lot less. Therefore, if we are to bear higher costs, and for some reason the bank refused to grant us credit, we may be interested in the offers presented by the developers.

This does not mean that the developer will have absolutely no requirements to us. But certainly it will be a lot easier to get a favorable decision. It also means that we need to carefully consider whether we can afford it.

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