There are two general types of uncompleted mortgages.
- The sales agent (developer) has negotiated with the relevant banks about the mortgage terms. Due to the large number of new disks, it will generally be more favorable than the market. In addition, before developers start selling real estate, they will first seek valuations from major banks to avoid undervaluation when the owners attend the meeting. Therefore, prospective owners can directly negotiate specific mortgage terms with the relevant banks.
- Prospective owners can also apply for uncompleted mortgages with banks in the market. And the bank will approve according to the general mortgage procedures.