Applying for a mortgage loan is a subject that should be explored and examined in detail for both those who want to get rid of rent and those who want to invest. Today, it is possible to become a homeowner thanks to the loans with very favorable interest rates and repayment options offered by banks.
By knowing about housing loans and following the necessary steps correctly, you can become a homeowner much easier. You can find what you need to pay attention to in housing loan options and know about applications in the following article.
What are the Requirements to be Complied with in Housing Loans?
The condition that must be known firstly in mortgage loan applications is that loans cannot be taken for the whole house. How much credit you can take for the house you want to buy is determined by the expert report. Banks can generally use up to 80% of the appraisal value. Loan calculation is made on the condition that minimum 20% down payment is paid for housing loans. Other conditions to be followed are as follows;
- You must have income and be able to prove this income with documents.
- Your credit score should be high.
- The house you will buy must meet the criteria.
- The housing you will buy in return for a loan must be mortgaged by the bank.
- Mortgage loan calculation and procedures to be followed are carried out by the relevant bank.
How Much Down Payment Is Paid In Housing Loans?
People who want to buy a house need to have a certain amount of knowledge to be able to make purchases. In the mortgage loan applications, even if the appraisers sent by the bank determine the eligibility of the house for the loan, there is a prerequisite for obtaining a home loan. In the mortgage loans, the bank is given a loan up to 80% of the house price. In this case, at least 20% of the house price must be paid in advance. To give an example: For a house worth 300 thousand dollars, applicants must have 60 thousand dollars down payment. A housing loan application can be made for the remaining amount.
By taking careful calculations of housing loans , people who take out loans with the right methods do not have problems in repayment of their loan debts. Before taking a mortgage loan, individuals need to set their goals and calculate their monthly income budgets. It is important that credit borrowers pay more attention to their expenses so that they do not suffer from payment difficulties and they start to accumulate money by saving money for down payment.
Who Can Apply for Housing Loan?
Applicants wishing to apply for a housing loan are required to be 18 years of age and to declare their income documents. Documents that the applicants must declare to the bank in order to get a mortgage loan;
- Applicant’s identity card
- Certificate of residence
- It is listed as the income document of the applicant.
Documents that the applicants must declare to the bank according to their income;
- For private sector employees: breakdown, payroll, signature circular (workplace), certificate of residence, additional income certificate (if any), photocopy of title deed
- For public sector employees: Residence certificate, payroll, additional income (if any) and photocopy of title deed
- For retirees: Residence certificate, photocopy of title, additional income document, if any, and document showing retirement monthly breakdown
- For the owners of the workplace: Signature circular and the current tax plate of the workplace, chamber registration document, income statement, balance sheet, photocopy of the title deed, trade registry newspaper