Those who intend to apply for housing loans should also look into the credit availability of the house they wish to purchase before making credit research.
A long-term repayment plan, such as renting the house that allows you to have the opportunity to get a home loan needs to comply with certain conditions of the house. First of all, we need to say that you still need some money to buy a house with credit. You can't get the whole house with the money you got from the loan. Experts determine the value of the house you want to buy and you need to give 20% of this value as a down payment.
The completion of the construction is also determined by the experts. Appraisers are scoring at certain rates according to the situation of the construction and determine the percentage of completion of the construction according to their results. Banks generally prefer to give loans to buildings where the floor is the title deed and 80 percent of the construction is completed on average according to the appraisal report.
How to get a housing loan?
For less than 80% completed or construction not completed, you should find out whether the owner of the project has made an agreement with any bank. For a project with a bank, a loan can be obtained from that bank. This is also an advantage for you since the banks that deal with the project have responsibility until the end of the project.
Which Documents to Take in a Housing Construction Process?
The zoning status document showing the status of the parcels, the approval of the project approved by the municipality, the construction license, the ground-level license, the determination of the land shares of the independent sections and the documents given to the construction in order to ensure that the deed can be processed separately, the floor easement, the residence permit and the condominium, the documents that the house must have can be listed as.
Is the land given to the land title deed?
Banks need a title deed for mortgages. If the house has only land title, it is not enough for these banks. However, if you show another house as a guarantee, the bank can accept it.
What are the conditions for housing loan?
Although banks are generally easier to buy housing loans since they are secured by putting mortgages in their home loans, you are still expected to comply with certain conditions. For this type of loan with high consistency and long-term, your income status and credit rating are important. It is useful to select the repayment plan that best suits your budget by performing credit comparison.
How are Housing Loan Applications Evaluated?
The bank gives you the approval or rejection of the mortgage loan by considering the form information you have submitted to the bank, your credit register, the properties of the property and the size of the loan.