Learn about various BRI mortgage products, application requirements, costs to consider, and competitive interest rates offered by Bank Rakyat Indonesia to help you own your dream home.
BRI Home Ownership Credit (KPR) is a financing service provided by Bank Rakyat Indonesia (BRI) to help people realize their dream of owning a home.
By offering competitive interest rates and an easy application process, BRI KPR is the choice of many people who want to buy a house or renovate their property.
In this article, we will discuss various BRI KPR products, the latest requirements for applying for a KPR, and details of the costs that need to be considered so that you can prepare yourself well before applying for financing.
What is BRI KPR?
BRI Home Ownership Credit is a loan facility provided by Bank Rakyat Indonesia to customers to purchase or renovate a house.
With this service, BRI offers convenience for people to own their dream home through an installment system that can be adjusted to their financial capabilities. One of the main advantages of BRI KPR is competitive interest and flexibility in determining the loan tenor.
BRI has various mortgage products that can be tailored to customer needs, whether for purchasing a new or used home, or for other needs such as home renovation, refinancing, or even to take over credit from another bank.
BRI’s mortgage products are not only limited to ordinary residential houses, but also include apartments, shophouses, condotels, and other commercial properties.
BRI Mortgage Products: Property Financing Solutions for Everyone
BRI offers various types of mortgage products designed to meet the needs of various segments of society, including:
1. BRI Regular Mortgage
This is the main mortgage product offered for the purchase of residential homes, either new or used. Customers can choose the installment tenor that suits their abilities and enjoy competitive interest rates.
2. Prosperous Mortgage (FLPP BRI)
KPR Sejahtera or FLPP (Housing Financing Liquidity Facility) is a subsidized product aimed at low-income communities (MBR). This program has a maximum family income limit of IDR 8 million per month and provides convenience in buying a first home with lower interest rates.
3. Mortgage Refinancing and Top Up
This product allows customers to refinance, which is to take out a new loan to pay off an existing mortgage. In addition, top up also allows customers to increase the loan amount if needed for renovations or other needs.
4. Mortgage Take Over
The KPR Take Over facility allows customers to transfer their existing KPR from another bank to BRI with lower interest or more favorable conditions.
5. Mortgage for Construction and Renovation
This product is designed for those who want to build a house or renovate an existing property. BRI’s KPR Pembangunan dan Renovasi provides flexibility in disbursing funds according to the project stages.
Latest BRI Mortgage Application Requirements
If you are interested in applying for a BRI mortgage, you need to meet a number of requirements set by the bank. Here are the latest requirements for applying for a BRI mortgage:
1. Minimum age 21 years or married
KPR applicants must be at least 21 years old or married. If a mortgage application is submitted together with a partner, both partners must meet these criteria.
2. Open a BRItama account
Customers who want to apply for BRI KPR must open a BRItama savings account at BRI. This account is needed to facilitate the installment payment process.
3. Required Documents
Some documents that need to be attached for BRI KPR application include a photocopy of KTP, photocopy of Family Card (KK), NPWP, latest husband/wife photo, salary certificate, and other documents that may be required.
4. Same Residential Location as Branch Office
The debtor’s residence, work, or business must be in the same city as the BRI branch office where the KPR application is made.
BRI Mortgage Application Fee
In applying for BRI KPR, there are several costs that need to be considered by prospective applicants. Here are the details of the costs that must be prepared:
1. Provision Fee (1% of Total Loan)
A provision fee of 1% of the total loan is charged for KPR applications. This fee is a service fee to the bank for approving credit applications and is usually deducted directly from the approved loan amount.
2. Administration Fee (0.1 % of Total Loan)
Administration fee is a fee charged to cover administrative expenses related to credit application. This fee is 0.1 % of the total approved loan.
3. Life Insurance Costs
BRI KPR customers are required to pay life insurance fees as protection for their families in the event of an accident or death. The amount of insurance premiums depends on the age and health condition of the customer.
4. Notary Fees-Credit Agreement
Notary fees are used for making credit agreements involving a notary. This fee is different from the name change fee and taxes, which are calculated separately based on agreed rates.
5. APHT Fee ( 0.25 % of 125% of Credit Value)
APHT fee is a fee for making a Deed of Granting Mortgage Rights which functions as a guarantee for debt repayment. This fee is calculated at 0.25 % of the credit value which reaches 125% of the loan value given.
BRI’s Competitive Mortgage Interest Rates
Interest rates are one of the important factors to consider when applying for a mortgage. BRI offers competitive and affordable interest rates for customers, both for subsidized mortgages and regular mortgages. Here are some things to know about BRI mortgage interest rates:
- Regular Mortgage Interest Rate: BRI offers a relatively low regular mortgage interest rate that is competitive with other banks in the market. This interest rate can be adjusted according to the loan tenor and bank policy.
- KPR Sejahtera (FLPP) Interest Rate: For subsidized mortgages, such as KPR Sejahtera FLPP, the interest offered is lower than regular mortgages, making it the best choice for low-income families.
BRI also provides flexibility in choosing the mortgage tenor, which can be adjusted to the customer’s financial capabilities.
Typically, the longer the loan term, the lower the monthly installment amount, even though the total interest paid is higher.
KPR BRI is an excellent choice for those who want to own a home in a more affordable and practical way.
With various KPR products available, competitive interest rates, and a relatively easy application process, BRI helps people realize their dream of owning a home.
Before applying for KPR BRI and BCA KPR, make sure you have met the necessary requirements and prepare the costs associated with the application.
With a clear understanding of BRI mortgage products, terms, and costs, you can make the right decision and start planning to buy your dream home.