Strategy for Smooth Mortgage Application Process

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Your Mortgage application rejected without explanation? Don’t give up. Let's check out the strategy!

Mortgage is the right solution to own your dream house. However, sometimes the process in applying a mortgage is complicated and it’s the Bank decision to approve or reject it.

Head of Secured Lending Bank Commonwealth Weddy Irsan explained that Bank has various considerations in approving its customers' mortgage applications. "Bank will assess whether the customer is considered capable of paying off the installments or not," said Weddy.

However, Weddy continued, there are several strategies that might be useful to try, so your mortgage application can be approved by the Bank.

Completeness of Documents

According to Weddy, the first thing that the Bank does is to check the completeness of mortgage applicant's documents. "For faster process, the applicant or customer must carefully read all the document requirements according to their occupation and do not leave any documents left behind or not sent because the process might be impacted," explained Weddy.

For office workers or employees, He continued, usually the documents needed by the Bank are mortgage application forms with the signatures of the applicant and spouse, photocopy of identity card (KTP) of the applicant and spouse (wife/husband), photocopy of marriage/divorce certificate, photocopy of family card, photocopy of bank account for the last 3 months, photocopy of taxpayer identification number (NPWP), latest salary slip / income statement, photocopy of collateral ownership documents, for example certificate of property rights or certificate of building rights (SHM/SHGB), permits constructing buildings (IMB), and land and building taxes (PBB).

As for professionals, the salary slip can be replaced with the latest financial information and a photocopy of the professional practice license. And for entrepreneurs, additional documents required are photocopies of financial statements, photocopies of the company's deed of establishment, and business permits.

The Ability to Pay Installments

In addition to the completeness of documents, Bank will check the applicant's ability to pay the installments so bad credit will not occur. Usually, the Bank will check the credit history of the applicant. “We must ensure to pay our loan on time. The total installments / obligations of credit cards or other credits maximum of 1/3 or 33% of income. If it is above 50%, the mortgage application will most likely be rejected, it might be difficult to be approved, "said Weddy.

This is considered to lessen the burden on the applicant as well. Banks only allow total installments ranging from 30-50% of the income or the combined income of the applicant and spouse if they are married. Meanwhile, those who have irregular income, must take into account the average income. "So, for example, the applicant's monthly installment value is Rp2 million, the applicant's income is at least Rp6 million, that’s the ideal number," said Weddy.

However, Weddy reminded, applicants must also consider the increase in mortgage installments that usually caused by fluctuating interest rates. In overcoming this fluctuating interest rate, the Bank usually offers a fixed interest rate such as Bank Commonwealth that has a Fixed Rate Mortgage program with competitive interest starting from 4.99%. In addition to that, Bank Commonwealth also provides transparent interest rate certainty after the fixed period is over. This will allow customers to get certainty of their nominal installments, especially during this pandemic.

Lastly, the Bank will also conduct a direct survey to confirm applicant’s data, such as the amount of salary and employment. If the applicant's data is different from the Bank's findings, the mortgage application most likely will be rejected. “So, don't manipulate data, especially income/salary. If you do, the applicant him/herself might face problems. One of them is the difficulty in paying the installments," Weddy concluded.