A housing loan is a method that most people apply for. Thousands of people who don’t have enough cash apply to banks for housing loans every year. Banks provide extensive research on people who want to withdraw housing loans. At the same time, there are different measures taken by banks as the amount of mortgage loan is very high. At this point, what are the conditions for attracting mortgage loans into the mind of potential bank customers? The question may come.
The procedure used by banks does not change in housing loans. Although there is not much change in interest rates, state-owned or state-owned banks apply lower interest rates. Since the number of installments will be high, the mortgages with low-interest rates are highly advantageous. However, the conditions of these banks for housing loans are much more severe than other banks.
The housing to be purchased to be eligible for credit
In order to take out housing loans, first of all it was necessary to have certain housing. Because banks organize credit analysis according to this housing. As soon as the customer applies to the bank, the property must be ready for purchase and should not have any mortgage on it. The most important criterion at this point is that the housing is suitable for credit. In other words, land share houses called land title deeds do not meet this criterion and banks do not define loans for these houses. A housing loan may be withdrawn for houses with a title deed that are eligible for credit. Therefore, this is the first criterion sought.
Customer Credit History
As in all loans, customers’ credit history is important in housing loans. So customers Credit Report score must be conducive to attract housing loans. Banks may request a guarantor from the customer in cases where there is any roughness but not much obstacle to attracting credit. This guarantor must have a proper and regular income from the Credit Report. However, regardless of the situation, customers who do not have a creditworthy score will not be able to withdraw the housing loan. In such cases, customers are often able to withdraw housing loans from a different person or relatives. For example, if the Credit Report of the person who buys the house is not sufficient, their children or someone else from their family may receive housing loans. However, until the debt is exhausted, the host has to appear as the borrower.
Appropriateness of Expert Report
If the housing to be purchased is certain and the customer is eligible for credit, the next stage will be an expert report. In other words, the appraiser of the bank performs a determination of value by going to the house. This value should be such that if the customer does not pay the debt in a possible situation, he can close the entire loan. This value also determines the loan to be given to the customer by the bank. Because banks give housing loans to customers at 80 percent of the appraisal value. In determining this value, the assessor looks at the location of the residence, the transportation facilities, the floor on which it is located, the material used in its construction, whether there is an earthquake zone and whether there are illegal floors. All these criteria are the conditions taken into consideration in determining the value of the house. The more favorable these conditions are, the more credit the bank will extend. Otherwise, the customer has to complete the credit of the bank.
Determination of Credit Installments
At the last stage, the installments of the loan to be given by the bank will be activated. The important criterion at this point is that the loan installments can be easily paid by the customer. If the customer provides household income, the bank compares the total income of the household with the loan installment. At this point, it is important that the loan installments can be easily paid. When household income is mentioned, mother, father, spouse, and siblings are taken as a basis. The customer cannot show the income of a close friend or friend as household income.
However, if the household income is insufficient, the customer can offer a different guarantor at that point. It doesn’t matter who this guarantor is. However, the person should know that at least until the customer is responsible for this mortgage loan. Because the banks cannot collect the loan installments from the guarantor. Therefore, Credit Report and its income are as important as the guarantor. Some customers inform banks that they have additional revenue. It should be noted that the bank will request documents for this additional income. For example, if the customer receives a rental income, he/she has to submit the statement of his / her rent account to the bank every month. If all these conditions are met, the loan will be used on condition that a mortgage is established on the house.