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10 Golden Rules to Consider When Buying a Home on Credit

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10 Golden Rules to Consider When Buying a Home on Credit

You want to buy a house on loan, but you don’t know exactly how things will go. We recommend that you pay attention to our list of things to consider when buying a house, so that your dream of acquiring a house does not end in disappointment.

1 – Check Your Credit Score

This should be the first step to be taken by those who are considering buying a house using this loan. Because a bad credit score is the most common reason for a housing loan rejection and should be checked before applying for a loan. Having a good credit score means a green light from the bank. For this, it is always important to keep your credit score at a good level by making regular payments.

2 – Calculate the Down Payment You Can Make

After checking your credit score, you should calculate the amount you can give for the down payment. Because banks provide you with 80% of the appraisal value of the house you will buy. The remaining 20% ​​is required by you as a down payment. In such a case, if you do not have enough savings, it means that you have to wait to collect or find a down payment.

3 – Are You Prepared for Emergencies?

You are excitedly thinking about the house you will buy. However, at this stage, you should also consider your budget, which will change with your loan installments. Do you have a financial preparation to step in in an emergency? Considering such risky situations, it will be in your best interest to undertake a loan burden that will not shake your budget and will not put you in a difficult situation.

4 – Choose the House You Will Buy Well

Do not fall in love with every house you see, be careful when buying a house. The passion you feel does not mean that the house is the right choice. It’s helpful to look at as many homes as possible before saying yes. If something seems too good to be true, it needs to be thoroughly checked. “I always dreamed of French windows.” That shouldn’t make you buy a house whose only feature is French windows. Criteria such as the market reliability of the material used in the construction of the house, the region of the house, the current maintenance costs that may occur in the house should be the features you need to check before buying a house. In addition, you need to check whether the house you want to buy is suitable for the loan.

5 – Be in Control

Before buying a residence, you should do a good research about the building and the house. First of all, it is useful to have all the documents related to the house checked by a specialist by asking the seller. Have earthquake tests been done? Any problems with the deed? Do not sign documents without answering these questions. These researches you do without buying the house will prevent many problems that you may experience in the future. (In case you buy the house with a loan, experts will do the research on the title deed on your behalf.)

6 – Compare Loan Interest Rates

It will be useful to take a look at the interest rates of the banks and other expenses for a house you will buy by taking a housing loan. Comparison sites will be a good guide for you in this regard. You can find the most suitable bank for you by comparing the interest rates and total repayments of all banks on Accountkurdu.com. If you choose a bank without comparing, you may think that you have paid low installments, but even if the expenses you pay or your total repayment are high, you may lose because you are not aware of this situation. For those who want to buy a house with the support of housing finance, get detailed information about housing finance from our page, what is housing finance and what are its conditions.

7 – If There Is A Tenant In The House You Will Buy

If there is a tenant living in the house you will buy, examine the rental contract. If the tenant has committed to evict, compare the date of the eviction commitment with the date of the contract. If you will be living by yourself when you buy the house, inform the tenant through a notary public and ask them to vacate the flat within 2 months. If the tenant will continue to live in the residence, you must make a new contract.

8 – Check Legal Permissions

Check whether the floor servitude, occupancy, that is, the building occupancy permit, has been obtained. If the house you will buy is a family residence, the consent of the spouse must have been obtained. If it is not received, it is possible to face the cancellation of the title deed even if the title deed is transferred in the deed cancellation case to be opened in the future.

9 – Make Sure The Home Sale Value Is Displayed Correctly

For title deed transactions, you must declare the house at the value you will receive. Since the title deed fee is paid according to the declared sales price, if you declare a low price during the deed transaction, you will pay a lower title deed fee. However, since this issue is closely followed by the Revenue Administration, significant retroactive penalties may be imposed on both the buyer and the seller. You can find detailed information on this subject in our article on calculating the title deed fee.

10 – Keep in Contact with the Person You Buy the House from

Keep in touch with the realtor or contractor, whoever you bought the house from, after you make the payment. A timely search will ensure that you are up-to-date on construction progress if you have bought a home from a new project. If your house is under construction, visit construction from time to time. If something is going wrong, share it with other buyers or new neighbors.

11 – (Bonus) If Your Income Is Not Enough for the Loan Installment

If your income is not enough to pay the installment amount in the equal installment payment plan offered by the bank, ask the customer representative at the bank to study different payment plan alternatives. For example, with the increasing installment loan payment plan, you can reduce the installments you will pay today and take into account the salary increases you may receive in the future, and you can complete your repayment on an ongoing basis with small increases annually.

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