An important element connected with the preliminary agreement of home loan is an additional fee, i.e. an advance or a down payment. It is worth making sure which of these forms will apply to your contract. When you go for the สมัครงานสินเชื่อรถยนต์ or home loan then the options are there too.

In the event of non-performance by one of the parties, the other may not set an additional deadline and withdraw from the contract, while retaining a down payment. If she gave it herself, in this situation she has the right to demand twice the amount. When the contract is executed, the down payment is counted towards the benefit of the party that provided it. However, if the bank rejects the loan application and you are unable to finalize the contract, you will lose your down payment.

When the contract is executed, the advance payment will be transferred towards the payment of the price. However, if there is no final agreement, the advance will be returned to the buyer.

Submission of correctly completed applications and all documents to the bank

If you have made sure that you have all the required documents and correctly completed the applications, you will have to provide them to the bank. Under the new rules, the bank has a maximum of 21 days to issue a credit decision. If you want to make sure that the institution does not exceed this deadline, you can submit an additional application.

Acceptance of applications by the bank – their detailed verification

Now it’s time for traffic from the bank. The institution proceeds to the analysis and verification of your documents. Checks whether you have provided everything that is necessary, and whether you have made no mistakes when filling out the applications.

The Bank performs a scoring assessment

In the next step, the bank performs a scoring analysis. Scoring is the score presented in the point form – the more points, the greater the creditworthiness of the client. Using such an analysis, the financial institution compares the profile of the potential borrower with the profiles of people who have already received loans.

Verification of the history of commitments

The Credit Information Bureau deals with the collection of information on bank clients and Credit Unions. Thanks to the register, a financial institution obtains access to data on the current liabilities of its potential client and the loans and credits he has repaid. It often also provides a point score, and on request, it also includes data. Such a set of information is enough to assess the credibility of a potential borrower. The bank may find out whether the customer has timely settled his receivables also such as phone bills, whether he was late or whether he has unpaid liabilities on his account.

Legal analysis of the content of documents

The documents provided by the applicant must be legally considered. The analysis aims at estimating the risk of cooperation with a given client. The content of documents is also evaluated in terms of compliance with the current regulations.

Economic analysis

Then, an economic analysis is carried out. At this stage, the bank checks your creditworthiness and assesses whether you can handle the repayment of the liability you are applying for, including interest. If you have previously tested your creditworthiness on your own or with a credit expert, you should not be surprised by the result of the analysis.