How to get a home loan approved as an online business owner!
For online merchants who dream of owning a home, getting a home loan might seem difficult because they don't have a salary slip like regular employees. But don't worry! Proview Living has advice on preparing documents and managing financial credit to increase your chances of loan approval. Let's see how!
1. Systematize income and expenses
Banks want to see consistency in income to assess repayment ability. Therefore, you should:
- Use a primary bank account for receiving income from online sales.
- Record income and expenses in detail, such as advertising costs, shipping fees.
Proview Tip: Keep financial records for 6 months - 1 year and separate personal accounts from business accounts.
2. Prepare documents showing income
Important documents for online merchants include:
- Bank statements for the past 6 months - 1 year: Showing continuous income deposits.
- Commercial registration/business license: Increases business credibility.
- Other income evidence: Such as receipts, purchase orders, sales reports.
Proview Tip: The more complete the documents, the easier it is for the bank to consider!
3. File taxes and request income certificates
Filing income tax is another way to demonstrate your financial capability.
- Personal income tax form (P.N.D.90 or P.N.D.94)
- Tax filing certificate from the Revenue Department
Proview Tip: If you haven't filed taxes before, start filing this year to increase your chances of getting a loan in the future.
4. Manage debts effectively
Banks will check your financial history through the credit bureau. If you have debts, such as credit cards or other loans, you should:
- Pay debts on time: To maintain a good credit score.
- Reduce outstanding debts: To avoid a high Debt-to-Income Ratio.
Proview Tip: Your debt-to-income ratio should not exceed 40% to increase credibility.
5. Increase down payment to reduce loan amount
A higher down payment helps reduce the loan amount and monthly installments.
- Prepare a down payment of at least 20-30% of the home price.
- Save reserve funds for additional expenses, such as transfer fees.
Proview Tip: A larger down payment increases the bank's confidence in your ability to repay the debt.
Summary:
Online merchants can get a home loan by systematically managing income and expenses, preparing complete financial and tax documents, reducing debt, and increasing the down payment to build bank confidence. Good planning is the key to owning your dream home!
![[For Rent] Vacant land, over 2 rai, Tha Muang Intersection, Khanom District, 100,000 / month](http://proviewliving.com/cdn/shop/files/001-050_26_Cover_Listing_c3136b1a-91d1-4d4f-b928-8c79ae08db6d.png?v=1779511010&width=1200)
