Mortgage in Indo

[cup1981]

Hey All,

My wife seems to think we need to buy instead of rent. Not sure I am 100% in agreement, but I am entertaining the idea for now. One question I have is regarding qualifying for a mortgage in Indo.

I am the only source of income, which will come from my U.S.-based business. Is there any way my wife can get a mortgage in her name using my income as a qualifier? Or do they not really even care about income as long as you have the down payment?

Thanks!

 

[Smallworld]

....One question I have is regarding qualifying for a mortgage in Indo.

I am the only source of income, which will come from my U.S.-based business. Is there any way my wife can get a mortgage in her name using my income as a qualifier? Or do they not really even care about income as long as you have the down payment?

Thanks!

To get KPR you have to qualify for such and therefore check T&C of various banks. They will say what documents they need.

.Is there any way my wife can get a mortgage in her name using my income as a qualifier?

This would be the way to do it as you have no tax number in Indonesia it would be hard maybe to get KPR. Unless you have then you can approach BPR bank and ask if they will get you KPR based on your income from abroad. On the other side the inland revenue in Indonesia may ask your wife "Where is the money coming from honey?" if she will say from abroad then they will tax her accordingly to tax treaty between countries.

Or do they not really even care about income as long as you have the down payment?

Never heard of a bank to give mortgage just because of the DP. Unless it is Papa's & Mama's "bank".

 

[Bad_azz]

I would say with your budget, rent somewhere smaller, get your wife to buy land- cheaper. & then build.
There are still some reasonable plots available.
If you want some massive place, in a fancy location then it will be expensive to buy. Getting a loan is only half the problem- if you default on it then I have heard some really scary stories.

But - my hubby's principle is : a happy wife makes for a happy life. I would say, get here, see what's what & then decide.
I was here renting for a couple of years before we bought, & paid cash for an old house on a reasonable plot of land, then we renovated & extended half of it so it was livable & are now renovating the other half- I paid only 347,000,000 for ours. The prices have gone up a fair whack since that.
I am told when mine is finished it will be worth arround 2.5M

 

[snpark]

I would say 95-99% no chance, better to buy the land cash and build / renovate the house yourself

Only possible way is buying a new apartment off plan from one of those mall SPG kiosks where you can make a dp. then 120 instalments and a lump sum which although technically IS a mortgage, is in fact private finance through the developer, that could be the way if you want a shoe box size apartment squashed in with 3,000 other shoe boxes

Otherwise - land and build

Not withstanding the legal things about ownership, marriage, prenup etc

More importantly: And be prepared to lose it all anyway when she divorces you - factor that into the maths too!

 

[steveandpenny]

My input would be to wait
..give a rental a year or so before deciding on buying anything. What seems great today can be a nightmare tomorrow. You will have a much better idea of what you want , what you need, and where you want it.
The other thing about waiting and looking is there is a chance when looking around and and not buying that the rock bottom price goes down after a month or so.

 

[waarmstrong]

I am with Steve (Penny?) and others. Real estate is a major location specific investment. The process is peppered with pitfalls, even for natives, providing many opportunities for the unscrupulous to enrich themselves at the buyer's expense, especially when the buyer is from abroad. Rent for a while and educate yourself, cultivate relationships, and be patient. Enjoy living on expectations; its quite fun to be on the hunt and I am guessing you will be much more satisfied with your decision, once you buy or buy and build or remodel.

 

[cup1981]

Thanks for all the input. We decided we will just rent and save 1 to 2 billion and either buy a home cash or property and build. In Tasik, that can get you a great house with all the western amenities we prefer in the kitchen and bathroom .

 

[waarmstrong]

If by amenities, you are including one outlet per room in an obscure and inconvenient location then you will not be disappointed.

 

[cup1981]

Of course! Wouldn't have it any other way lol .

 

[jstar]

I guess I'm different from most people here. I never rented in my life (besides when a dwelling was included in the expat package). For me it's just a waste of funds to pay rent (upfront!) to a landlord who gets rich on his back and who wants a 10% yield so he'll avoid expenses at any cost.

Think buckets in the living room to catch the water that's seeping through the roof in the wet season, which you only found out after 6 months. Or the repairs or replacements of the aircon units which are already 20 years old. And electric installations in houses here are almost always outright dangerous, I would not want my kids to be exposed to that.

And esp. in Indonesia, the tenants have practically no safety net, there are no good legal options to protect them.

 

[waarmstrong]

Due diligence is a must whether you are renting or buying.

 

[scouser59]

Unfortunately , build quality here is generally atrocious , even in some of the "dodgy countries" in africa I lived in ,ie somalia eritrea ,the houses were were well built .

Never mind the weird designs here ,hardly ergonomic or attractive .

 

[KamoraPetersen]

Owning a property through a mortgage can be a great long-term investment. I personally believe that having a place to call your own is not only financially rewarding but also provides a sense of stability and security. It's a feeling of accomplishment to know that you're building equity and working towards something meaningful. By the way, if you're considering a mortgage, I recently worked with a fantastic Mortgage Broker in Oldham (Mod note: Spammy link removed) who helped me find the best rates. They made the process smooth and hassle-free, so I highly recommend their services!

 

[Samoerai]

I came across a captivating discussion thread where I discovered numerous invaluable opinions. Presently, I can confidently express my preference for purchasing a property through a mortgage rather than renting. Given the exorbitant prices in the market, I would rather invest in paying someone for a decade and eventually own my own property, instead of perpetually renting throughout my life.

Yes, I would agree with your opinion .. if living in .. Europe, like Germany, Sweden, UK, Denmark. But in Indonesia? So many aspects to consider: interest bankloan is now very high, location, quality of property, floods, earthquakes, laws regarding tax, heritage. etc. I prefer at the moment the flexibility of renting. But I do understand why someone wants to buy a house.

 

[snpark]

Yes, I would agree with your opinion .. if living in .. Europe, like Germany, Sweden, UK, Denmark. But in Indonesia? So many aspects to consider: interest bankloan is now very high, location, quality of property, floods, earthquakes, laws regarding tax, heritage. etc. I prefer at the moment the flexibility of renting. But I do understand why someone wants to buy a house.

That was a spam post with a viral link not a legitimate post just fyi

 

[Samoerai]

That was a spam post with a viral link not a legitimate post just fyi

Oh, thanks. I noticed the text of this post has changed. But, how do I know (next time) it's a spam post?

 

[snpark]

New member first post on a very old thread posting very neutral comment and recommending something and it was actually a hidden link that's why it's in blue. Hover your cursor over it or click the blue and it takes you to a website

 

[snpark]

 

[snpark]

I understand that you're considering buying a home instead of renting, and you have some questions about qualifying for a mortgage in Indonesia.

No I am not so no need to troll us here with your website or services Newbie
Thanks

 

[ChrisTex]

I understand that you're considering buying a home instead of renting, and you have some questions about qualifying for a mortgage in Indonesia.

I have a beach front property in Louisiana if you are interested.