During the mortgage purchase phase, we are faced with many questions about who is eligible for demographic factors or income sources. Therefore, in our article, you will find answers to who can get a mortgage loan and you will get important information about the mortgage loan.
Basic Conditions for Obtaining Housing Loans
The most important condition for obtaining a housing loan is that the consumer has reached the age of 18 and is a citizen of the Republic of Turkey. There are also expatriate loans for Turkish citizens living abroad or different loan options for foreign citizens. On the other hand, most banks do not provide housing loans to consumers over 65 years of age.
Proof of Regular Income
If you are considering obtaining a housing loan, your income must be documented. Citizens with regular income, insured employees or retirees may receive housing loans. People who do not have proof of regular income cannot receive housing loans. Generally, SSK breakdown or payroll is sufficient for a housing loan. It should also notify the bank if the person has an additional income, such as rent.
Monthly Installments and Income Ratio
One of the issues that banks take into consideration when buying housing loans is that monthly installments do not exceed 60% of the consumer’s monthly income. For example, if the person has a monthly income of TL 2,000 and will receive a housing loan of TL 90,000, the monthly installments may be at most TL 1,211. In this case, household income is also important. If the spouse of the borrower has a net monthly income, the amount payable may be increased.
The credit rating is one of the most important criteria in the case of the use of any loan such as a mortgage or general purpose loan. A housing loan depends on whether a person has already received a loan from the bank or if he/she uses a credit card. If the person has not been able to repay the loan debt before and is on the blacklist, it is not possible to obtain a housing loan. In such a case, the person is not only in the blacklist of the bank he is using but also other banks.
Being able to pay down payment
When you use a housing loan, you must be able to pay at least 25% of the house you buy in advance.
If you are able to meet the above-mentioned requirements and complete the documents required by your bank, you can also get credit.