Home Housing Loan
Home Housing Loan. The home mortgage loan, which is offered by the banks, can make people homeowners easily. These products, known as mortgages or mortgages, are a common type of loan in the service area of all banks. Citizens who want to own a house, especially recently, frequently apply for home loans with government incentives.
Even if you need to go to bank branches to complete the results of mortgage applications, you can pre-apply via internet banking or mobile banking. You can also make a pre-application using your bank’s SMS application channel. The pre-applications you make will allow you to see your credit eligibility. Thus, if you are not eligible for credit, you can learn about it without going to the bank branch and shape the necessary planning accordingly.
How to Apply for a Housing Loan?
After making the pre-application to the mortgage, your credit eligibility is evaluated and then you will be invited to the bank branch. Persons invited to the branch must provide and submit certain documents. However, unlike other types of loans, it will be necessary to make a deep pre-planning in mortgage loans. In other words, it will be more accurate to determine the loan amount and payment schedule you will withdraw before making your pre-application.
Monthly maturities are also high, as the total capital in housing loans will be very high. This will require a correct payment plan. Especially the amounts to be paid monthly must match your monthly income. Otherwise, you may have great difficulty in payments and come face to face with banks legally. Considering these situations, you can submit mortgage applications through all application channels of the banks.
Documents Required for Housing Loan Applications
Mortgage users invited to branches are required to provide certain documents. The documents to be obtained are as follows:
- Identity card / driver’s license / passport
- Income certificate
- Application form
- Certificate of suitability for credit for the property to be purchased
- Certificate of membership for self-employed workers
- Photocopy of trade registry gazette or newspapers for legal entities
You can speed up the mortgage loan process by starting to provide the aforementioned documents at the pre-application stage. In addition, as banks may request insurance from you within the scope of home mortgage loan insurance , it is the applicant’s obligation to provide the necessary costs and fees for this.
What Are The Required Conditions To Receive Mortgage?
Unlike all other types of loans, the principal money received in mortgage loans is quite high. Figures starting from a minimum of 100 thousand TL are mentioned in housing loans. For this reason, the criteria sought in people are also high. First of all, the income level of people applying for housing loans must be above a certain level. It is very difficult for a person working with a minimum wage to be able to use a mortgage loan at this stage.
Because the monthly maturity of the mortgage loan and the minimum wage are at the same stage. This means inadequate income. Banks, on the other hand, require a good credit record for mortgage applicants. It is not possible for people with a low credit rating, blacklisted, red pen to eat, or an ongoing loan debt to use Mortgage.
How Much Loan Is The House To Be Purchased With Mortgage?
Banks do not give credit for 100% of the house you want to buy. Here, a proportion is made based on various criteria. In the first stage, banks create an appraisal report for the house you will buy. This report primarily indicates whether the relevant house is eligible for credit. If there is any negative report about the house in the expert report, no loan will be used.
The location, strength, physical structure and year of the house; It is extremely important in this process. If the house in question meets these criteria, banks will offer housing loans. After this stage, if the loan you want to use for the house you want to buy is less than 500.000₺, you can use Mortgage up to 90%. You have to pay the remaining 10% as down payment. If the credit you want to use is more than 500,000₺, you can use up to 80% of the loan you will use.
Housing Loan Interest Rates
The most critical value in mortgage products is the interest rate of the loan received. Especially by the state, improvements are made in housing loan interest rates in various periods and housing loan incentives are made to individuals. The situation in interest rates varies according to the total principal withdrawn and the number of maturities. When the current values are taken as basis, we see that the minimum interest rate in housing loans is around 1.24%. The said interest rate can reach up to 1.34% with the increase in the principal amount or the number of maturities.
Housing Loan Maturity Options
The high capital in housing loans makes it obligatory to have a high number of maturities. When we look at the options developed by the banks, a total of 360 months maturity can be applied in mortgage loans. In other words, it is possible to spread the repayment over 30 years in total. In addition, the minimum maturity for mortgage products is determined as 12 months. It is not possible to divide your loan into a term of less than 12 months. When determining the total maturity of your loan, it is particularly useful to consult a Mortgage expert. Because you will need to determine the amount you will pay monthly in the most accurate way, taking into account your income. Otherwise, you may experience various credit difficulties for many years.
Is it Rational to Use a Home Loan?
It is known that the number of applications to Mortgage has increased considerably in recent years. Of course, it is possible to say that the state incentives made have a great effect here. Various improvements are made on repayment and interest rates are lowered. This makes Mortgage products logical. When we evaluate it in today’s economic balance, we see that the rental prices applied to the houses have increased enormously.
Especially in metropolitan cities, rental prices have increased to 2-3 thousand TL. In other words, the monthly maturity of the mortgage loan you will take and the rents you will pay to your house are at the same level. When you applied for a Mortgage instead of paying rent, you may have acquired a home when the terms are over. Since home mortgage loan structuring services make it easier especially in repayments, you can make a restructuring request during the maturity processes you have difficulties.