It is a credit that comes into play especially when people who want to own a house do not have enough savings to buy the house in advance. Instead of paying the fee for the desired housing at once, buying it as if it pays rent through fixed monthly installments makes it easier for individuals to become homeowners.
What is Home Loan?
The type of loan that can be given up to 80 percent of the value of the property in return for mortgaging the housing to be purchased by the lending financial institution is called home loan. Institutions can also call home loans as mortgages, mortgaged housing loans or retained sales loans.
Previously, the maximum home loan rate was 75 percent, but after the meeting held by the Economic Coordination Board in 2016, this ratio was reduced to 80 percent. Therefore, you can apply for financing up to 80 percent of the value of the house subject to the loan when you intend to buy a house using a home loan.
How to get a home loan?
Individuals can easily use home loans if they can document their monthly income. Only if a previously used loan has problematic payments, and if the person’s credit score is bad, the banks will not allow the person to use a home loan. Apart from that, people who have a regular income can apply for a loan in order to take out home loans .
In order to obtain a housing loan, the property title deed of the house must be present. For home projects that have not yet been completed, an application with floor easement deed is required. Following this application, the bank assigns an expertise and determines the value of the house to be purchased.
Gives up to 80 percent of the value of the house included in the appraisal report. In return, the real estate subject to the loan is mortgaged until the maturity. When the total amount of the loan is paid, the mortgage can be removed from the Land Registry Office with the letter of fek taken from the bank and the house can be owned.
Which Banks Can Get Home Loans?
All banks operating in our country provide their customers with the opportunity to use housing loans. However, since housing loan interest rates may vary among banks, it would be more profitable if the person chooses the bank with the appropriate interest rate and loan options.
Because the mortgage loan is a type of loan that is taken in long term, interest rates should be the most researched before using. For this reason, it would be advantageous to prefer banks that have interest at a minimum rate.
What are the conditions for obtaining a home loan?
The conditions for obtaining a home loan may actually vary from bank to bank. However, it is possible to say that when some common conditions are sought in general, the person’s credit CV, monthly total income and the properties of the immovable property are examined.
The credit history is measured by the credit rating of the person, and the fact that there is no sunken debt and that it is not currently under excessive debt makes it easier for the person to draw credit. Regular income is expressed as the sum of other income such as salary and rent and is one of the factors determining how much credit a person can withdraw.
Another requirement for obtaining a home loan is the complete delivery of the documents requested by the bank. In general, we can list the documents required for home loan as follows:
- Loan application form,
- A person’s birth certificate, photocopy of passport or driver’s license,
- Photocopy of one of the electricity, water, fixed telephone, internet or natural gas bills registered on behalf of the customer (can be requested up to two months if necessary)
- Income document proving the working status,
- A copy of the trade registry gazette from the applicants who are partners of legal entities, in which the main agreement of the company is published,
- These are the photocopies of the membership certificate obtained from the professional organizations to which they belong, and other documents that may be requested by the branches.