What are the conditions for using a mortgage?On December 12, 2019 by admin
The easiest way to buy a house in today’s conditions is to use a housing loan. Instead of paying rent, you can have your own house by paying monthly. There are also certain rules for being a homeowner by withdrawing the housing loan offered by banks. In this article, we have listed the necessary documents and conditions for you to become a homeowner with a housing loan.
What are the conditions for the eligibility of the loan to the housing?
At the beginning of these conditions, the house that you will get by drawing a housing loan must be in accordance with the housing loan. It should be noted that; you can’t get the whole house on credit. Conditions for the housing loan to be eligible for the house you will receive;
- Having completed at least 80% of the house,
- Taking place in the deed as a residence,
- Settlement has been taken,
- Lack of foreclosure in the deed,
- There is a deed for the easement or condominium and for houses that are not condominium, an additional fee is required.
Housing with the above conditions is eligible for credit. You can then apply for a housing loan.
Who can apply for a housing loan?
The conditions stated below are applied by almost all banks. Details of application requirements;
- You must be over 18 to apply for a housing loan. Most banks do not make loans to people under the age of 20.
- You must work properly with banks. If you use a credit card, your payments must be made on a regular basis and if you have used a credit, the payments must be made on a regular basis.
- If the mortgage is to be granted, the consent of the spouse must be given to the bank in writing. In addition, if you have to show a guarantor, the consent of the spouse must be submitted to the bank in writing.
- Excluding housing loans, a maximum of 48 months maturity should be requested. Consumer loans and vehicle loans can be used for a maximum of 48 months, while housing loans can legally go up to 360 months.
- Excluding the housing loan, the family income is not included in the loan. Family income is not included in the credit calculation. However, people in the family can be accepted as guarantor.
- Income must be declared with officially valid documents. However, sealed, signed and stamped documents with official validity are accepted during the application.
Acceptance of income by the bank is sufficient for the withdrawable loan. In other words, if you use a monthly installment of 2,000 USD, you must show at least 4,000 USD to the bank. Although it varies according to the bank, it is generally desired to have twice the monthly income of the loan installments.
You can visit our page to find out how many credits I can get.
What is the insurance requirement for housing loan applications?
The period of insurance varies according to the evaluation criteria of the banks. However, the general insurance requirements are as follows;
- SSI employees;
Although it varies according to the bank, the condition of being insured for at least 3 or 6 months and 12 months in the last work place is generally required. If the credit rating of the person using the credit is good, the period may be shortened.
- Employees working as tax sign;
If these persons apply for housing loans, the banks are required by the banks to show a profit on the tax plate and to pass one year after the establishment of the enterprise.
- Employees as officers;
The working hours of the employees working as civil servants are generally not requested by the banks. The credit rating is an important reference by the banks in terms of credit assessment in case the person works as a civil servant.
- Retired employees;
The monthly income of retired persons is accepted by the banks without time limitation. Retirees must formally declare their employment. Letter from the workplace should be taken.