It is a loan that can be obtained through internet banking, mobile banking, SMS and branches. Since home loan is given with a very low interest rate of 0.99%; recently it has been a preferred bank for mortgage loan.

What are the Documents Required for Home Loan?

What are the Documents Required for Home Loan?

Documents required for Home loan are:

  • The identity document of the person who wants to apply for home loan is required. Identity card, driver’s license, passport or temporary identity document are accepted.
  • The person who wants to apply for home loan must fill in the application form and bring it to the application.
  • If the person is a self-employed person, a certificate of membership to the relevant organization, and if there is a company to which he is a partner, a trade registry newspaper with the relevant contract is required.
  • Those who want to apply for home loan; they must bring their income documents to the application.
  • It is necessary for the person to apply with the title deed document of the house they want to buy.
  • Bank may request additional documents from the person when it comes to giving home loans.

What are the Features of Home Loan?

What are the Features of Home Loan?

Features of Home loan are:

  • According to the types of home loan that the person wants to get; Bank can give home loans up to 1,000,000 dollars.
  • Bank offers a maturity of up to 180 months to those who wish to obtain a home loan.
  • The relevant dwelling that causes the person to withdraw a loan must be mortgaged in return for the loan received. However, the bank may still request additional collateral from the person depending on the income status and credit rating of the person.
  • People who will get home loan from the bank; they can get credits up to 80% of the appraisal value of their home.
  • If the person wants to get home loan from the bank; has to take life insurance, housing insurance and earthquake insurance.

How to Apply for Home Loan from bank?

How to Apply for Home Loan from bank?

In order to apply for a home loan from bank ; First of all, the person must go to the bank with the necessary documents for the loan application. Then the bank officer will fill in an application form and then, if there is no obstacle to obtain a loan, he will sign the contract and give his loan.

Some examples of Home loan calculation are as follows:

  • A person who wants to take home loan of 350,000 dollars with a maturity of 180 months; It has to pay 4,173.61 dollars monthly installment with 0.99% interest rate. Annual cost rate of the loan received by the person; It is 12.6962%.
  • A person who wants to take home loan of 250,000 dollars with a maturity of 180 months; It has to pay 2,981.15 dollars monthly installment with 0.99% interest rate. Annual cost rate of the loan received by the person; It is 12.7136%.

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