Today, loan products offered under the name mortgage or mortgage are usually created by offering very long installments to make people homeowners. Although interest rates have increased considerably in recent years, it is known that these interest rates have been reduced considerably by the initiatives of both the government and institutions in the last two years. Now, with a interest rate of less than 1%, you are now able to take out housing loans, and at the same time, you don’t pay too much for these loans.
Of course, some banks can incur a lot of expenses by orientating, so to speak, but you are not obliged to take them most of the time, and if you are a conscious user, you can specify that you do not want them in the mortgage calculation process.
What is Mortgage?
Housing loan or mortgage loan product name with almost every bank has to offer in Turkey; As the name suggests, it is the money given with the aim of making people housing. While the state can provide housing loans to some non-income groups at certain periods without interest, banks are also able to offer these loans with very low interest rates today.
While the principle of calculating the housing loans of each bank is different, we can see that most institutions concentrate on interest rates and expenses. When you receive a housing loan, some of the charges from you are compulsory and others vary on demand; for example, TCIP insurance is compulsory; life insurance is not obligatory in any way.
You may need to pay some attention to such things when you get a housing loan. Below, we’ve also explained how to deal with such things when calculating a mortgage.
How to Calculate Home Loan?
Most of the time, banks can make their own loan calculation process through their customer representative. In fact, there are many websites for housing loan calculation nowadays, but in a very short way, you can calculate your housing loan. The compulsory cost items offered to you in the housing loan are as follows.
- File costs
- Appraisal fee
- Interest rate
In addition to these five fees, there are also non-mandatory costs that are offered to you. These may be life insurance or major insurance items. It is possible and you have the right to refuse them at the time of the loan.
By collecting the five mandatory mandatory factors above, you can directly calculate the cost of your loan and the overall debt amount. Most of the time, however, the fees for all information other than the interest rate vary by bank. Therefore, in order to know these fees, you should first consult the banks. After going to a bank’s branch and getting this information, you can perform the loan calculation with the desired amount of credit.
Home Loan Calculation Program
At home, instead of making calculations by hand, nowadays, many websites or banks have credit calculation tools on their sites and you can use these to learn the costs of your housing loan and find the total amount you will pay.
Credit calculation tools available on the banks’ websites can provide you with the most reliable and up-to-date interest rates, expense amounts, and require little information from you. The information you enter will often include only the desired maturity rate, type of credit, amount of credit. When you click the “Calculate” button, detailed information can be presented to you by the bank.
How is the monthly loan amount determined?
The main factor in determining the monthly payment amount of the mortgage will not be your main amount. In addition to the main amount you want, the interest rate and, of course, the charges reflected to you are added to this loan. This is your main debt.
It is also possible, and often simpler, to make such calculations from the above mortgage loan programs.
What are the required documents for housing loans?
Many banks can now request different documents for housing loans, but the common and often mandatory list of documents is as follows. You will be able to save time by taking them with you.
- Application form (can also be completed there).
- Identity card or driver’s license, along with a photocopy.
- Your payroll or any document showing your income.
- For those who have a profession, a document from the profession.
- If the house to be purchased has been decided, it is a title deed or a copy of the title deed.
As we said, apart from the main documents, the bank may also request some extra documents from you.