To simulate the granting of credit for housing is needed in a specific case in which a person requests a "housing loan" from BT, which it is envisaged that was wider than the other bank bunǎ the same credit, but with more interest or less favorable conditions than BT. Interest in the LEI for the requested loan is 7.78% lower than in 2009, fixed interest and more convenient thanks to the interest of reference NBR positive effects on lending. If the housing loan may be granted a loan in stages which differ from one lender to another but from personal experience the best way forward is:
The first step is the loan application is submitted. In the first stage citizen, having decided to buy an apartment and after they decided what type of apartment needs addressed a loan officer belonging to the Credit Department of the branch which BT was close by the residence and an interview it has received approval to establish a credit file. At the first meeting had left only a credit application, copy of ID and a check is made current account which have a substantial deposit from BT. Department (Department) of Credit, the territorial units of BT were aimed at assessing credit demand in terms of necessity and appropriateness of the request, taking into account the identification of potential risk factors and can counteract them. The analysis is usually performed by a joint team of experts that includes an economist, an inspector or chief officer, an engineer specializing in evaluating securities and assessor in analyzing the technical aspects of investment projects and an opportunity jurist.Cu filing of the application to the bank shall be submitted necessarily a series of annexes such as identity actde be copy, extra current account, evetual is required and a declaration of value cogaranţiilor, longer comptează acorduriile prvind the incidence of payment and banking risks relating to verify you have not had an impact or not prezinţtii riscurii.
The second stage occurs is legally analysis of the operator. After you have analyzed credit file about two weeks, the client came back to the bank with the other documents required in the loan file (see Credit Measuring hoppers, Annexes 1-6). File was completed with necessary documents is also an extract has also asked for land from other warranty (studio), has given a solemn declaration on the future of credit commitment. The client should look in this time and future apartment to make a preliminary thereto, to require an extra land and from the seller, to transfer an advance on current account by the seller, to attach a copy of that preliminary updated land registry extract the file. File to be approved by the officer of BT and the customer must make an appointment with a notary public to sign the sale contract authenticated by a notary.
The third stage is where technical analysis is a trader.
To successfully place the transaction is going to flat spot and is assessed by a person employed by this bank or an assessor approved by BT and in our case were these rules, an appraiser has valued the apartment and studio that would be even if the acts resulting mortgaged its value exceeds that amount of credit outstanding.
The fourth step is the economic evaluation is a client financially. At this stage it appears that the person requesting the loan was a Romanian citizen, residing in the city of Turda, an engineer with experience in the field of aproximatix 10 years, stable jobs, basic salary LEI 3000, married without other obligations, aged about 30 years, having owned a studio, a deposit of 50,000 RON and willing to buy a two-room apartment worth 100,000 RON ca. Could not access credit "First House" because the property had a studio, but access to a housing loan which included the advance of 15% ie 15,000 lei, also mortgaged and new apartment and bought his own studio, and helped collateral deposit that was paid in advance. The time required from credit applications to the actual grant was about a month, also has been turning and with the new studio apartment, also advance was duly paid in the current account from BT. In this stage meets with a financial advisor and BT to discuss the following points for discussion:
- Setting conditions elegibilitate;
- Set out the details of the maximum amount of credit that can be contracted;
- Minimum advance and linked to be provided;
- The term that the granting of funding approval;
- Credit applications.
The fifth stage is checked guarantees. In our case may be mortgaged apartment comes with a guarantee and collateral, a studio. To avoid risk of neîncasare of loans, bank manager is satisfied that applicants have the financial resources to repay the credit and the minimum amount of collateral the bank will in all cases at least the largest debt the debtor, made up of approved loan plus interest to the first installment of loan repayment.
Sixth Stage is where it is ranked credit worthiness groups. By analyzing the results obtained by specialists conjungturii bank during the stages of analysis presented above, the applicant shall establish creditworthiness credit trader. By comparing data on financial performance with debt service, such loans are classified as fabelul 6.1.
Tabelul.6.1.
Classification of loans by financial performance.
Debt Service
Good financial performance Necorespunzătore Poor
As borrowed. A standard observation substandard
As borrowed. B substandard questionable observation
As borrowed. R substandard questionable loss
As borrowed. D doubtful loss loss
As borrowed. E loss loss loss
Seventh stage is the stage of policy-maker who also is a credit link in the credit impôt is a milestone in this process. Appropriate decisions, which ensure optimal management of lending activities, the result of a complex process and in our case was decided because they had too many positive reasons for that.
Eighth Stage of credit is but the stage is taking place procedures deasemnare sale-purchase contract with the seller. then both the seller and the buyer transfers money to the seller the outstanding balance on the credit apartment. It then comes to the notary and completed the transaction by signing all documents that are required of a notary and then the new owner may request a statement on the new apartment Land purchased by credit.
Loan file of the current apartment is going for tabulation of ownership to the Land Registry also contains in addition to documents required by BT and the following:
- Tax Certificate (for tabulation of the Directorate of Taxes and Local Charges apply 48 hours), the original land file number, property documents in original and copy, request type and a judicial stamp of 1,500 lei;
- Proof of full payment of real estate prices;
- A certificate from the association of tenants or owners with no debt to the specific association and signed by the mayor of the sector;
- Stamp duty paid for 34 000 Lei CEC or TREASURY;
- Copy of IC or BI as appropriate;
It pays you a fee of 2% of value without which the seller can not complete tabulation. After everything was over the new owner may request a statement of land bought and tabulated information on apartment meantime extract Land will be one of his tasks as the new apartment is mortgaged
A new stage is why the rates charged to be refunded creditului.şi credit and if credit will be repaid until the last installment corespuzător may be able to talk to a loan performance has been a success both for the customer and the bank.
It must also detail the credit agreement (Annex 6) which can outline several aspects related to:
1. Purpose of the loan: purchase of old apartment by housing loan.
2. Provision of credit, meaning credit approved was recorded in account no. 01,211,552,227.
3. Loan currency: the currency in which the lender is LEI.
4. Loan amount: BT has approved loans amounting to 100,000 (one hundred thousand) of LEI.
5. Maturity: this credit is approved for a period of ten years on request from 03/02/2010 to 03/02/2020.
6. Rate loan: The loan is accompanied by a 7.78% interest per annum, fixed forward two years according to The BT and is detailed below. To better understand current we calculate interest which is calculated based on EURIBOR plus margin in our case the points. Interest is calculated monthly on the loan balance and charged monthly with rate. Interest is 7.78%. but all taxes and all fees charged to arrive at an annual interest peste10%
Repayment of credit is also equal monthly installments plus interest on installment credit throughout the period called "progressive approach" for calculating interest. In our case we have a loan of 100,000 lei, a refund in 10 years, interest rate 7.78%
Rates are calculated and paid monthly, are in number 120.
Determination of interest (fixed in our case) is calculated by the general relationship:
i = 1, ... n
where:
= Portion of your loan to be repaid at that time;
RD = rate;
Ti = interval of time between the granting of credit and reimbursement;
n = number of installment and t = number of days between two consecutive repayments.
n = number tranche;
t = number of days between two consecutive repayments.
Fees: are payable by the debtor either alone or together with interest is crucially dependent on their nature but according to new regulations prepayment fee shall be limited to 1% for loans with fixed interest (if set out herein) and zero-interest loans and other floating fees which may arise from this credit from the BT may be:
- Examination fee of 0.15%;
- 1.5% handling fee;
- Rescheduling fee of 1%;
- Property tax assessment brought 200EUR guarantee or equivalent in RON;
- Prepayment fee is 1% if done with another loan from another bank but if this credit will not make a prepayment;
- 0.5% risk fee if applicable;
- 0.09% for life insurance will not apply in this case because it does not exceed the amount requested in the amount of EUR 25000;
- Drafting tax credit documentation to be paid separately in the amount of 200 EUR or equivalent in RON.
Credit file for individuals for a housing loan from BT may include the following minimum documents required:
1. Request credit for individuals (see Annex 1);
2. Revenue and expenditure of the family (see Annex 2);
3. Income (see Annex 3);
4. Consulting agreement database CIB (see Annex 4);
5. Agreement transmission, information processing and consulting SC Credit Bureau S.A. (See Annex 5);
6. Affidavit (see Annex 6);
7. Credit agreement for individuals (see Annex 7);
8. Acts of ownership of property which a guarantee credit (updated land register extract);
9. ID (for the spouse, the original and one copy);
10. Marriage certificate (if applicable, the original and one copy);
11. Documents showing the value of goods for which credit is sought.
12. Property documents and property taken as security evaluation of the credit:
- Acts of ownership of the property constituting the guarantee credit (CF extract updated)
- Property assessment report that is guaranteed loan, made by the assessor or an appraiser certified BT ANEVAR.
While it is quite difficult to access credit for who took out loans but are not yet available opportunities because money is more than demand, but restrictions on BT and the other bank are close to reduce losses not prohibit lending.
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