Secured home loan has become increasingly popular in Brazil. Its growing demand is due to the fact that installments and fees are more affordable to the consumer.
However, to get this type of credit you need to pay attention to some requirements. Want to know what they are and the advantages offered? Just keep reading today’s text.
Home Secured Loan: What is?
This type of credit is very similar to auto loan, however, instead of disposing of your car, you offer your property to the bank in order to secure payment in case of unforeseen circumstances. Remember that in addition to your home, you can also offer business establishments.
Even if the bank requires the repayment of the property to make the loan, it is possible to sell it while repaying it. However, the process is different from traditional procedures.
In this case, when finding a buyer of your property, you need to specify that the money obtained will be for the debt settlement. Even if the process takes up to 30 days, the buyer will pay off the balance and wait for the bank to withdraw the sale of the asset.
Before applying for your loan, it is important to evaluate whether it pays off or not. In the event of an unforeseen event, there is a great possibility that you will lose your property, which will cause immense damage to your pocket and family.
How to apply for secured loan?
Because of the many offers on the market, the first step is to look for a financial institution that offers conditions that fit your needs.
After choosing where to borrow, the credit company will review your profile. After concluding that you will be able to afford the debt, the bank will arrange an appraisal to check the condition of the property.
The analysis and evaluation worked ?! Great! Now it’s paperwork time. Before signing the contract, it is important to read it carefully. After all the paperwork, your credit will be approved.
It’s important to be careful
When deciding to close deal, do not forget that your property will be sold to the financial institution. Overdue installments may allow the bank to auction off your property to get back the borrowed money.
Other than that, it is worth remembering that the property can only be disposed of once per operation, ie it is not possible to make another secured loan while one is in force.
Another point that is worth your attention, is the value of the loan, which can not exceed 60% of the value of the property.
Apart from this type of credit, there are other options available in the market such as payroll – deductible loans and payroll loans guaranteed by bank. If you are negative and want to know if you can make loans anyway, you can click here for more information on this.