What should we pay attention to when getting a housing loan?
Owning a home has become even easier, especially with attractive rates on mortgage loans. People are now aiming to become homeowners by taking out housing loans instead of paying rent. However, it is necessary to pay attention to certain points before saving and then entering into long-term debt in order to buy the house of your dreams. This week, we will remind you what a person who wants to take a housing loan should pay attention to…
25% down payment requirement
It may not be easy to find the house you are looking for right away. Better start looking for a house now. The price of the house you will buy should be in accordance with the prices you can take out a loan. Looking at houses that are much higher than the amount you can take out a loan will waste your time. Therefore, pay attention to the amount of loan that can be issued according to your income situation. Although it varies from bank to bank, you can generally take a loan up to 60 percent of your income. For example, if you have a monthly income of 2,000 TL, banks generally allow you to take out monthly installments of up to 1,000 TL. However, if you have an income of 2,000 TL and your spouse’s income of 1,500 TL, the monthly installment of the loan amount may increase to 1,500 TL. The fact that your spouse is also working is an advantage when taking out a loan.
The structure and age of the house are important
Depending on the region, structure, age and durability of the house you will buy, it may be easier to take out a loan. According to the appraisal report, you may even be able to make a lower down payment. If the value of the house is lower than the market value, that is, if you buy it cheaply, according to the expert report, the loan can cover more than 75% of the total amount you will pay for the house. Of course, the soundness of the house, the ground, the strength of the building etc. There may even be houses that do not have a loan, depending on their situation. Do not insist on the house that you see as risky, you may have problems in the expert report and lose time.
Compare loan interest rates
Check out the interest rates and file costs of banks to take out a mortgage loan. Comparison sites will help you in this regard. A bank’s installment may be low, but its commissions etc. high so watch out for total refunds as well. You can benefit from our article titled “With or without commission in housing loan” on this subject.
Open a current account
You can open a current or time deposit account by depositing an amount of down payment that you have started to save to buy a house in the bank you plan to work with. Having this account in the bank where you will take the loan can make it easier for you to take out a loan. If there is another house, car or land that belongs to you, it may be advantageous to present their title deeds and licenses to the bank while taking a loan.
How is your credit score?
Of course, the most important point for a person who is considering taking out a loan should be the credit rating. If you have not had any problems with consumer loans or credit card payments you have taken before, your credit score is high. This gives an advantage. However, if you have had problems with credit and credit card payments in the past, you may not get a loan. In such a case, you can also take out a loan on behalf of your spouse. Let us remind you that the title deed of the house will be in the name of the person who took the loan.