The process of buying a home and a car – even though the payoff equally credit – is something different. Yes, though both are indeed possible to use financing through banks or leasing.
If buying a home are called credit MORTGAGES (Mortgages), then on the purchase of cars known as KPM (Car ownership credit). And both also equally enforce provisions of Bank Indonesia as a minimum DP 25 – 30 per cent of the value of the sale.
For the difference usually lies in the bureaucracy of the filing or maintaining pembiayaannya. Compared with a car leasing, leasing arrangements of the House will be a little extra effort. In addition to the seller, the buyer, and banks, there is still a party member who was instrumental in the legality of home credit in the process.
See also: buy a car or House is the process of Financial Pendewasaan
And for more details, check out the difference:
Former Home Loan
The large number of parties involved makes the process of bureaucratic filing home loan is a bit troublesome. Moreover, everything is indeed to be done alone by buyer. In fact, some times the bank and the notary will require the presence of husband and wife (buyers) to affix the signature.
With the length of the process that must be traversed to mean there will also be additional costs that must be incurred. So in addition to the purchase price of the home, there will be also the administrative fee which must be paid to the bank, appraisal fees, insurance, provision, and also the cost of the notary.
Notary fee itself covers a number of the costs between them as the cost of checks, validation certificate of tax Sale Certificate, (AJB), the cost of Turning the name (BBN), a power of attorney to give rights to Dependents (SKHMT), and the Act of Granting rights to Dependents (APHT). And if combined it costs around Rp 5 million.
Time of filing home loan, the bank will also perform the appraisal. Starting from judging whether the buyer deserves to be given a loan, and how the funds should be digelontorkan bank to the buyer. Usually the number is around 80 percent of the price of the House being the remainder must be paid by the buyer to the seller.
Appraisal of the bank is certainly not free. There is a fee charged banks to do appraisal and survey. And the bad news, not necessarily the buyer will obtain the consent of the bank. So before you file a MORTGAGE it is recommended to measure your financial capabilities.
Used Car Loan
While filing for CAR LOANS or car loans to banks is relatively easier than filing the KPR. So after finding a car and the appropriate price, the buyer can directly ask the loan financing to the bank.
The process of initially i.e. fill the submission form and attach the required documents (such as identity cards, family card, TAX ID, marriage licenses, husband/wife photo, salary slips, etc).
After the document is complete, then the bank will send a team of Surveyors to see their homes and others to determine whether the buyer deserves a loan or not.
A number of banks are offering CAR LOANS programs vary. Ranging from interest rate differentials, non specific costs, insurance packages, ease of payment, up to the tenor of credit up to 4 or 5 years for used cars.
However some banks also limited the types of financing used cars that will put forward – is usually based from the age of the car. Certainly almost all brands and types of cars are there in Indonesia could have filed its credit financing. Even some banks also undertakes the financing of cars though not sold in Indonesia.
As with any purchase of MORTGAGES, as jamainan, the bank will also save files or important documents of the car (REGISTRATION) for the buyer of mengangsur in accordance with the tenor of the agreed credit.
Interestingly, during the process of mengangsur, if buyers have more money and want to pay off, most banks will allow it. Surely there is a small additional fee that must be paid.
Unlike the MORTGAGE in which the bank has prepared a penalty when the buyer pay off the debts before running out the tenor of credit. Usually the amount of 1% from the rest of the credit must be repaid principal.
Indeed if compared to leasing outside the bank, bank CAR LOANS is much more difficult and require more time. But surely it is far easier than taking care of the KPR.