WHAT IS A HOUSING LOAN AND HOW TO GET ONE?

A housing loan is a type of loan provided by public or private banks for consumers who want to own a house but do not have enough budget. Thanks to this financial support provided by private or public banks, consumers have the opportunity to own a house in return for making regular payments for a certain period of time. The interest rates of banks that provide ease of payment in installments and in the long term vary. The payment plan is organized according to the person's solvency and budget.

Consumers can use loans from banks in line with the following conditions:

The consumer's monthly income must be compatible with the loan amount requested.
The consumer has a certain percentage of the value of the house they want to buy in cash (the amount to be paid as a down payment)
The house for which the loan application is made must be occupied.
If applying for a house whose construction is not completed, a condominium easement must be submitted.
At least 80 percent of the project must be completed (If there is a bank with which the housing project is contracted, it provides a loan opportunity before 80 percent of the housing is completed).
HOW TO APPLY FOR A HOUSING LOAN?

When it is desired to apply for a housing loan, it is first necessary to determine the bank to receive the loan. The lending conditions and application methods of each bank may differ. Afterwards, a housing loan application should be made to the bank. After the application is approved, the loan purchase process is initiated by going to the bank with the income certificate and title deed. In this process, the bank's appraisal experts determine the value of the house to be purchased and decide whether the house is suitable for the requested loan amount. A mortgage loan can be obtained for 80 percent of the appraisal value up to a maturity of 240 months. A down payment is required for the remaining 20 percent.

HOW IS HOUSING LOAN CALCULATED?

Although the interest rate of each bank varies, housing loan interest rates are determined according to the decisions of the Central Bank. Banks can determine interest rates according to the lower and upper limits announced by the Central Bank. The loan calculation and monthly payment plan are made according to these criteria.

If we make a sample calculation:

If the loan calculation is made for 500,000 TL and 120 months (10 years) maturity and 1.20% interest rate, the monthly installment will be 7,884 TL and the total repayment will be 949,519 TL.