tom
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dinsdag 29 januari 2013
8:41
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@dolevo & MDS : Funny because this topic is this mornings headline in the newspaper "De Morgen". Copy/Paste : http://www.demorgen.be/dm/nl/986/geld/article/detail/1570244/2013/01/29/Woonraad-pleit-voor-afbouw-woonbonus.dhtml
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MDS
[ bankshopper ]
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dinsdag 29 januari 2013
7:35
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dolevo,
1) I might be wrong, but I don't think nationality would be a drawback. Having a good and steady income (permanent employment) and being able to pay part of the real estate price with your savings should/will be the deciding factors in obtaining a loan and, moreover, getting a good loan rate.
2) The ideal duration, in theory, should be "as short as possible while still being able to pay comfortably". Somewhere in between 15 and 25 years is normal, 30 years is quite lengthy. There are simulators where you can calculate the effect of the length of the loan. You'll find that e.g. 20 vs 30 years makes a big difference in the amount of interests you'll pay.
There might be exceptions, e.g. splitting up the loan in 2 parts where you make 1 part run longer to benefit from tax returns longer, but there is absolutely no certainty that the current tax benefit system for loans will stretch beyond 2014, so it might not be wise to rely entirely on that.
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dolevo
[ bankshopper ]
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maandag 28 januari 2013
12:39
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Thank you very much for the answers. I know understand what is 1/1/1 very well.
Here are some other questions that I have,
1. I don't have neither Belgian nationality nor a nationality from any other EU countries. However, I think I will have it in 2014 when I complete my 7 year in Belgium. Do you think that this is a drawback for applying a loan? I mean, is there any disadvantage of buying a property and getting a loan from a bank if you don't have the nationality? I don't think but perhaps there are some advantages as well?
2. What is the ideal or mostly chosen length of the loan? I am okay with 20-25 years but I can chose any other one if beneficial. Could you please tell me how I should choose the duration? Now I take into account only the money that I can pay per month and the money that I want to take from bank. What else?
Thank you for your time.
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tom
[ bankshopper ]
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maandag 28 januari 2013
8:11
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A small improvement to answer A of MDS: A 2,5% has a legally binded maximum of 5,06% (not 5%). This is because the calculations are made with the monthly rates instead of the yearly rates.
3. The tax advantages are being transfered from federal level to the (Flemish) region. It's not certain that the Flemisch goverment will give the same tax benefits as the federal government did. For now there are no changes made yet but decisions in that matter still have to be made. A lot will depend on how the economic crisis will continue and how the Flemisch budget is being spended.
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MDS
[ bankshopper ]
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maandag 28 januari 2013
8:08
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Now, the other formulas are easy to deduct.
3/3/3: fixed rate periods of 3 years, so adjustments every 3 years.
10/5/5: first fixed rate period of 10 years, after that fixed rate periods of 5 years.
As for your other questions:
2) Here you'll find data on the last five years: http://www.immotheker.be/Immotheker3/Site_v3/Default.aspx?WPID=333&MIID=169
3) Basically, tax returns are money the state returns to you when you have either paid too much in advance (from your salary) or when you have spent on things that grant you tax returns (like retirement saving).
I wouldn't say banks are looking at your tax returns to grant you a good loan... What's most important is your total income as a couple (there is a rule that dictates a loan shouldn't be more than one third of the total income - however this rule is followed a bit loosely) and the ratio of loan vs property value (or to put otherwise: how much you will be able to pay up front).
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MDS
[ bankshopper ]
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maandag 28 januari 2013
7:59
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1) I think you have the format slightly wrong for the variable formulas. When you write 1+1+1 or 3+3+3, it should be 1/1/1 or 3/3/3. These are then often extended to result in the complete formulas: 1/1/1 +3/-3, 3/3/3 +2/-2, ...
Now to explain them:
1/1/1 +3/-3 => the first three numbers tell you the fixed rate periods. In this case, the first fixed rate period is 1 year, the next also 1, the next one. Basically this means the loan rate will be adjusted each year.
The +3/-3 tell you how much the rate can change. +3/-3 means the rate can go both up or down with 3% compared to the initial loan rate. There are, however, a few exceptions:
a) the rate can never surpass the double of the initial rate. If you get a variable rate of 2.5%, the worst-case rate will be 5%.
b) after one year, the rate can be no more than 1% higher than the initial rate. After two years, the rate can be no more than 2% higher than the initial rate.
[read next post for continuation]
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