Appraisal is one of the mandatory stages in the process of applying for a Home Ownership Loan (mortgage).
This is a process of assigning value in the form of numbers, as well as an assessment of real objects carried out by professionals through an analysis process.
In the context of property, it can be interpreted as determining the selling value of a property owned by someone if it is released to the market.
This stage is commonly applied in multipurpose loans, one of which is a mortgage.
In mortgage applicationthe bank will conduct a survey through professional services to see the condition and suitability of house prices.
This stage is one of the crucial factors, which determines the approval or rejection of the proposed credit.
In the process there are costs that must be borne by the debtor in this stage, the name is the appraisal fee.
For those of you who want to apply for a mortgage, but are still confused by the term, don’t worry!
In this article, we will explain the meaning to examples of calculating the costs in the mortgage process.
Therefore, read this article to the end, yes!
What is an Appraisal Fee?
Simply put, the appraisal fee is a house survey fee. This is the rate you pay for the services of a professional who performs property price assessments.
In the process you can check in two ways, independently or through the bank.
You can ask for help from surveyor services from the Public Appraisal Service Office (KJPP), if you want to do it independently.
The advantage of doing the survey independently is that you will get an assessment that fits your needs.
However, the costs incurred will usually be higher. It’s different when you submit the survey process to the bank.
The fees may be lower, but you must accept whatever the bank assesses the occupancy.
The appraisal process is also not only pegged on the value of buildings and land, it can be one of them.
Building appraisal generally includes matters relating to the quality, age, area, and value of the building.
As for the assessment of the land, the aspect includes the area of the land without considering the value of the building on it.
How Long is Appraisal Time?
Regarding the implementation time, actually can not be determined with certainty.
But for a more complete assessment, the process can take around 14 to 21 days.
Constraints that usually occur to make the work process take a long time are the completeness of data, documents and data feedback from the owner of the asset.
Therefore, it is important for you to immediately prepare a number of documents and data before the assessment process is carried out.
The requirements for submission are:
- Photocopy or scan of identity (KTP/SIM/Passport)
- Photocopy or scan of the latest Family Card
- Photocopy or scan of accounts and passbooks
- Photocopy or scan of salary slips for the last 3 months
- Photocopy or scan of Marriage Book (if married)
- Electricity, water, telephone bills for the last 3 months
- Deed of Ownership and Letter of Ownership of Building Land.
How much does it cost to notary public for buying and selling a house? Here’s the Explanation
What is the Appraisal Process Like?
With regard to processes, there are a number of standards that professionals use in estimating property values. A number of aspects were used as the basis for the assessment.
Here we present a review of a number of factors that determine the high and low value of occupancy:
Sales Value of Tax Objects (NJOP)
The main reference in estimating property prices is Sales Value of Tax Objects (NJOP)which is listed in the attachment to the Land and Building Tax (PBB).
However, this is not an absolute determinant of property value, but there are other aspects that are used to make house price estimates.
Another factor is the location of the property itself. If it is in a strategic location, it is estimated that the estimated occupancy value is also high.
References in determining a house is considered strategic can be seen from a number of aspects, such as accessibility to the completeness of public facilities around the residence.
Access to Home
Access to the property area is also an assessment. This is indeed related to the location of the property.
If access to the house is easy and close to a number of public transportation facilities, the estimated value will be high.
In addition, the width of the road, whether or not the road can be passed by vehicles, so that the contours of the road are good and bad are aspects that do not escape the assessment.
If you intend to apply second home mortgage or used, make sure the environment around the location of the house looks clean and tidy.
The reason is, this factor also affects the high and low value of the mortgage that will be given by the bank.
In terms of tidiness and beauty of the house, don’t just focus on the facade. But the view inside the house too.
So it’s important for you to pay attention to all aspects, such as the function of all the furniture available in the house.
How Much Does Home Appraisal Cost?
There is no definite determination in the appraisal fee. The value varies, depending on the area of land and buildings, as well as bank regulations.
Generally, it ranges from Rp. 150 thousand to Rp. 1.5 million, but there are also banks that set an appraisal fee of Rp. 350 thousand to Rp. 1 million.
That’s a review of the appraisal fee that you need to know.
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Hope it is useful!
Urgent! This is a list of mortgage costs outside of house installments