The housing loan is the name given to the loans taken from banks in return for mortgages by the lack of sufficient savings of the citizens who want to own housing. The customer, who will use a mortgage, must meet the requirements of the bank.
If the home is eligible for the loan, an application is made for the loan and the expert process starts with the preliminary approval. The appraiser determines the credit utilization rate of the house to be purchased, its physical condition on the quality of the construction, and the properties of the building and the approximate value of the land registry in the market.
Housing Loan Down Payment
The research of those who want to take housing loans is generally the down payment of housing loans and home loan down payment rates. Since paying home loans is not easy financially, the most curious question is how much down payment is required when buying a house.
Having a regular income is the most important factor that determines the amount of housing loan. There is no credit for all the determined value of the house. In accordance with the decision of the Banking Regulation and Supervision Board, 80% of the house is loaned. It is requested to pay 20% of the remaining amount as down payment. The higher the accumulation, the lower the amount of credit to be drawn.
For example; For a house with a value of 300 thousand pounds, it is necessary to have a down payment of 60 thousand pounds. The remaining 240 thousand pounds can be applied for the part of the loan.
You can check out our article to find out if there is an interim payment in housing loan.
How to Buy a House Without Down Payment?
There are also options to buy a house without down payment. Some of these are;
• If they do not have a down payment, they may withdraw a general purpose loan.
• If the house projects have down payment campaigns, they can benefit,
• Credit can be withdrawn by showing mortgage.
Using a Consumer Loan for Housing Loan
The bank applied for a housing loan may not accept the application for a general purpose loan. A consumer loan may be withdrawn from a different bank or a loan may be withdrawn on behalf of someone else from the bank in which the housing loan is withdrawn. What is important here is that the sum of the monthly installment payments of the loans should not exceed half of the registered income.
Benefiting from Down Payment Campaigns of Projects
Public housing projects or luxury projects are engaged in campaigns that require a down payment of 5% and 10% in order to attract customer interest.
The amount missing from the down payment portion of 20% is divided into installments and paid to the seller company over the bank.