How to Get Your KPR Approved?

Wouldn't be nice to have our own house? Yeah HOme sweet home baby. Thinking to buy it in cash? Good for you, thanks to your parents then or thanks to you parents in law :). But if you dont have that much cash (just like me) then getting a mortgage is the option.

Warning!!! Getting your mortgage alias KPR to be approved by the bank can be a bit pain in the *ss. There is a complicated procedure you need to go through. Believe me, getting a mortgage will make you back and forth to the bank, almost everyday. You will getting to know all the staff at the bank. Yeah a lot of energy but at the end, it is worth it. Here is some tips I'd like to share when I was struggling to get my mortgage approved by Bank Mand***. This is just my personal experience, there is no guarantee yours will be approved. It is worth a reading though ;), I guess. Noted, I bought my house individually to the developer not, a mass KPR.

1. How much?

Yes, determine first how much your house worth? This will help you in deciding how much money you want to borrow. Do a little research. Make sure that you will borrow 30% or even 50% below your house price. For example, my house is worth Rp. 280 millions. The bank said that I can apply for maximun Rp. 190 millions or even less.

2. Certificate of the Ownership (lets call it CO, ok?)/Sertifikat Hak Milik

Is your house bodong? Hehe. Make sure that you have the CO, no matter if its on your name already or still the first owner. The CO will become a warrant of the mortgage and will be kept at the bank, if yours is approved.

3. IMB

Check if your house got an IMB already, Ijin Mendirikan Bangunan. If not, you need to prepare first what is called Surat Penyanding from your direct neighbours (west, east, nort, south), signed by Village Head then go to Dinas Tata Kota. The cost is around Rp. 3 millions including sogok-menyogok, I dont know what is the cost if we apply directly but you know lah. The time is not worth it.

4. The Tax/SPPT

Yeah, surat pemberitahuan pajak terhutang, whatever thats mean. Pay it, if there is due tax of the house, you will not be considered. YOu can go to Dinas Pendapatan Kota.

5. Work Related Documents
This document including the pay/salary slip ,work contract/job letter, you also need a reference letter from the 'sister company' in Indonesia/Bali if you work abroad (in my case I go to Pak Yusdi, matur nuhun Pak)

6. Family related Documents

This document including Kartu Keluarga, KTP, Birth CErtificate, Wedding certificate (if you're married)

7. Let's get it on.

When all the documents are ready, its time to decide which bank you will apply for. DOnt just shoot one bank, at least 3 banks, national bank of course. Go to their loan department. Caution!!! Make sure you get a contact person there, it will be easier next time you come.

8. Wait and See and Pray

After submitting the application, then wait and see. usually couple days later, the bank surveyor will come to your house to survey it. How much is it worth based on bank evaluation.

9. PPAT

You will need to prepare a budget for a PPAT, who will be appointed by the bank. He/she will take care the akta jual beli.

10. Invitation

If your application is approved, you will be invited by the bank to discuss about the terms and conditions of the loan including but not limited to how much, timing (5,10,15 years), the interest etc. Read carefully the contracts.

11. NPWP

If your loan more than Rp. 50 millions, you will need an NPWP.

12. Personal TouchPersonal touch is never a bad idea, bring something to your loan advisor, fruit and perfume ;)

Happy Mortgaging!