My dream
I hate banks
- Thread starter Alpha1404
- Start date
I never had debt
In my country, we don't have credit score as in the USA.Because it will be a second hand in another country ...
kyledr
Newbie
- Jul 30, 2021
- 26
- 37
That's exactly the dealI never had debt
Here in the US even if you have money to buy the house most of the companies will refuse to sell it to you if you do not have a credit history, this way they can see that you capable to afford it
Chris Newman
BANNED
- Oct 13, 2018
- 6,868
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NOTE : This is as per what and how YOU have explained it : Your bank is telling you, that for example if you need a loan to buy a home worth (example) US$200,000 then you first have to have a deposit in the bank of 50% of that, which is US$100,000 : NOTE : This is as per what and how YOU have explained it.
That is surely 100% NOT the bank's policy, but some typical bank slave type bank employee that gave you wrong information, because these slave bank employees have targets to achieve and are under severe pressure to achieve their targets, so they bluff to gullible customers.
Chris Newman
BANNED
- Oct 13, 2018
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OP is NOT talking about the upfront payment, OP has clearly said that the bank has told him (or her) that to be eligible for the loan itself, OP needs to first have 50% of the desired loan amount as a deposit in thte bank. Got it ?
Obviously, as we all know the bank reps are working in high pressure slave like conditions, under pressure to generate income (deposits, etc) and hence they bluff to gullible people.
Chris Newman
BANNED
- Oct 13, 2018
- 6,868
- 6,032
OP is NOT talking about the down payment, OP has clearly said that the bank has told him (or her) that to be eligible for the loan itself, OP needs to first have 50% of the desired loan amount as a deposit in thte bank. Got it ?
Chris Newman
BANNED
- Oct 13, 2018
- 6,868
- 6,032
Some people hate gullible people who get bluffed by some slave working in a bank who is under high pressure to generate numbers (revenues, deposits, etc) for the bank, so much so that the bank slave rep falsely bluff to the gullible person that in order to get a loan (home loan), a person must have beforehand itself 50% of the desired loan as deposit in the bank, which infact would NOT even be the bank's actual policy !!! Why are some people so gullible to believe such a bluff ?
Roger Marquez
Elite Member
- Apr 17, 2017
- 5,126
- 7,822
This is NOT a standard in all banks. They run a financial study and based on certain criteria they decide how much they will request the client upfront.
Each bank has its unique criteria as to how to handle this.
As a general rule, the banks will request a higher deposit based on the likelihood you will be able to afford the monthly payments of the loan.
At 50%, your bank is basically telling you that at a lower deposit % it's going to be really hard for you to make or honor the monthly payments of the loan. Therefore, increasing the chances of insolvency. This is mainly why they are asking for 50% and not, for example, 20%.
Also, if you don´t have any collateral or assets you own, the deposit % will also go up.
Lastly, it highly depends on the situation of the real state industry in your country. Mostly regarding the value of the land and the price of the property.
Is it volatile?
All of this comes into play when it´s time to determining the likelihood the bank will receive the capital + interests from a loan.
Cheers!!
- Sep 10, 2010
- 11,807
- 26,660
To be honest, NO.
Just to be clear, I have been through the process already, and I know what I am talking about. You have to pay two things by cash (as in, from your own pocket), and the bank is not going to pay it for you.
1. Registration fees (stamp duty and bla).
2. A percentage of the total loan amount. In our case it was 20%. It could be more or less depending on the individual, as well as the type of home (new/vs resale). For old homes, you can even get 100% of the amount under certain conditions.
If you have been through the same process and you live in India, there's no way you have not faced the same LOL. I don't think you ever did though.
For the moment, only the bank which I'm customer since 20 years.
To answer everyone:
We don't have a credit score where I live or where I want to move. As for debts, I have never had any, and I have never exceeded my authorized overdrafts.
I had taken out a student loan, which I paid off before the end of the term, because I had the funds available, and I hate credit. I took out a student loan to finish my last year of school, but really reluctantly.
However, what worked against me is that I borrow alone, and I am freelance. In my country, if you're not a salaried employee, people look at you the wrong way, even if you're making €4000 a month.
We don't have a credit score where I live or where I want to move. As for debts, I have never had any, and I have never exceeded my authorized overdrafts.
I had taken out a student loan, which I paid off before the end of the term, because I had the funds available, and I hate credit. I took out a student loan to finish my last year of school, but really reluctantly.
However, what worked against me is that I borrow alone, and I am freelance. In my country, if you're not a salaried employee, people look at you the wrong way, even if you're making €4000 a month.
mainceaft
Senior Member
- Apr 10, 2013
- 881
- 184
Damn I almost same boat as you, are home that expensive your home country, my house now price are like that,since the currency went down ~4 times
- Nov 3, 2017
- 2,796
- 2,516
And how is this different than down payment exactly?
In my area, if you want a decent flat (2 rooms - 40m²), in a neighborhood that is not shitty, you have to pay minimum 350 000 - 400 000 €.
Right now, I see ads on Facebook "buy in such and such a place for 650 000€" in crappy neighborhoods. And I'm not talking about the local taxes, which are just crazy. For example, in my town, I had to pay for 2020, €1056.
My neighbors, who are owners, and have a three-room apartment (70m²) paid about 3000€ in local taxes. In addition to income taxes.
Right now, I see ads on Facebook "buy in such and such a place for 650 000€" in crappy neighborhoods. And I'm not talking about the local taxes, which are just crazy. For example, in my town, I had to pay for 2020, €1056.
My neighbors, who are owners, and have a three-room apartment (70m²) paid about 3000€ in local taxes. In addition to income taxes.
mainceaft
Senior Member
- Apr 10, 2013
- 881
- 184
yeah that the Price of living in (First class county), i don't know ~10 Yrs ago I looked into properties prices in some EU countries and it was ranged between 100K-200k€ i don't know much about it places
The country I living in life conditions are horrible, no security no police guns everywhere, looks like only rich people can live in safe quiet place.
Yes, you're right
I have to solve a business problem first (yes, the problem happens in the same time as the rejection of the bank) and I will make the rounds of the bank.