1. Not carefully calculating financial capacity when buying an apartment
In reality, many people buying apartments in installments often only look at the initial prepaid amount without fully calculating the total costs to be paid throughout the loan term, including both principal and interest. In addition to monthly bank payments, buyers also have to bear additional living expenses such as apartment management fees, electricity and water, maintenance and other arising expenses.
If there is no clear financial control and planning, these expenses will gradually accumulate, significantly increasing financial pressure and directly affecting the quality of life in the long term.
2. Not carefully researching bank loan interest rates and terms
When buying apartments in installments, many people only care about the initial preferential interest rate and do not pay attention to the post-preferential interest rate. In fact, after about 6-24 months, interest rates are usually floating according to the market and may increase, making the monthly payment significantly higher.
Terms such as late payment penalty fees or the method of calculating interest based on principal balance or gradually decreasing balance are also often overlooked.
Therefore, before deciding to buy, buyers should request the bank to provide a detailed illustration for the entire loan term, instead of just seeing the initial preferential interest rate.
3. Completely trust the commitment of the investor or broker
Advertisements such as "0% interest rate", "100% loan support" or "long-term principal loan grace period" are often very attractive to apartment buyers paying in installments. However, not all preferential policies bring practical benefits to buyers.
In fact, many apartment buyers paying in installments for the first time tend to believe in the verbal commitments of brokers or investors without carefully checking the related documents. This may put buyers at a disadvantage if disputes arise.
Therefore, before buying or signing an official purchase contract, buyers need to carefully check the financial support policy and request to clearly state the commitments in the contract to protect their rights later.
4. Not reading the apartment purchase and sale contract in installments carefully
Installment apartment purchase and sale contracts are an important legal basis to protect the rights of parties when disputes arise. However, many buyers still subjectively sign contracts when they do not clearly understand the related terms on payment progress, late payment penalties, house handover conditions or the responsibility of the investor when the project is delayed.
Not reading the contract carefully can lead to financial and legal risks, especially during the land receipt period or when disputes occur later.
5. Not carefully checking the project's legal status when buying an apartment
A serious mistake that apartment buyers paying in installments, especially first-time buyers, often make is not carefully checking the legal status of the project. The fact that the project has unclear legal status can lead to the risk of slow handover of houses or slow issuance of pink books to buyers.
Therefore, before deciding to buy, buyers need to fully check important legal documents such as construction permits, documents approving the sale of houses formed in the future and bank guarantees of the project.
