Mortgage Basics Guide
Mortgage processes evolve over time and vary between banks. The steps below are intended as a general guide. For specific rates, campaigns and definitive figures, you must speak directly with banks.
Steps
Pre-approval
Meet with 2-3 banks based on your income statement, social-security status and credit score to learn how much you can borrow. This stage focuses your property-search budget.
Document preparation
Common documents: ID, income statement (payslip/tax certificate), social-security record, credit score, appraisal report, title-deed copy. Each bank shares its own list.
Appraisal
The bank commissions an appraisal from a licensed firm. The appraisal affects both collateral and loan limit.
Heads up: The bank will not lend above the appraisal value — this can affect your investment plan.
Contract + mortgage
The loan agreement is signed; the mortgage is registered at title transfer. Insurance (DASK, home, life) is guided by the bank.
Monthly instalment + early payoff
Monthly instalments are paid via automatic mandate. Early-payoff penalty rates vary by contract; check with your bank beforehand.
Quick checklist
- Credit score is up-to-date and healthy.
- Income + social-security + title documents are ready.
- Pre-offers from 2-3 banks are in hand.
- Appraisal value and loan limit are clear.
- Insurances are planned (DASK + home).
- Early-payoff terms in the contract are reviewed.