Techniques for getting your bank loan approved

Techniques for getting your bank loan approved

How to get your bank loan approved?

Having a condominium loan is one of the main reasons people put away their dreams of ever owning a condo. Today, we’d like to share techniques on increasing your chances of getting your condo loans approved. This article is to help you prepare well in advance, so that you won’t make any of these common mistakes.  

1. Evaluate your income

The first thing that should be done is to assess your income. You should choose a residential property that suits the level of income, so that you are capable of paying the installments. Sometimes, banks like to maximize the credit balance, and allow loans that are higher than the price of the condominium purchased. For example, if a condominium is 3 million baht, the bank may offer loans up to 3.5 million baht. If you’re borrowing the full amount, you must consider the long-term installments. But most often, banks don’t offer 100% loans, so it’s important to save up, and have at least 10-20% of the full amount that you wish to loan.

2. Increase financial transactions and build credit 

Banks tend to give out loans for people with frequent transactions, better bank statements, regular cash flows into the account, no outstanding debts, and money saved up (at least equivalent to 10% of the real estate property you’re planning to purchase). These factors affect the bank’s lending decision, as the bank will see that you’ll have the ability to pay the installments based on your financial history and good credit. 

3.Minimize debt and outstanding credit card balance before taking out a (new) loan

It’s more difficult to get a loan if you have a high outstanding debt, because the bank will assess and evaluate your ability to pay installments, which will be reduced. It’s best to clear all outstanding debts at least 3 months before submitting for a loan. Before the bank can give a loan, there will be a credit check. If the loan is submitted immediately after the outstanding debt was cleared, it still might not get approved. A safe period would be at least 3 months in advance. 

4. Prepare documents properly

The last point would be about documents and paperwork, which is something people tend to miss or forget about. Before submitting for a loan, check that you have all the documents sorted out, like your salary slips, income history at least 6 months back, a copy of your ID card, copy of your house registration, any name changes, and marriage certificate. If you’ve completed all the paperwork, approval will be much faster. 

Prepare in advance to process the loan faster, and much easier. There is a 90% chance of having your loans approved if you follow these steps. You can come and consult with BR Agents first if you’d like. We have experts who are ready to give you basic credit advice, and take care of any real estate-related matters, to ensure a smooth and quick process.



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