Who wouldn’t want to pay a low interest loan? Of course, the Housing Loan Configuration process is very useful. However, the most important factor in this structuring process is to analyze the pros and cons of old and new loans carefully. Since you will close the loan from your old bank early, you will not pay a certain amount of penalty and additional costs will be incurred for the loan you will receive from your new bank (file cost, loan allocation fee, expert review fee, etc. .). You have to collect all these expenses, calculate new interest rates and decide in that way. If there is no significant difference that will ease your budget, it will be of no use to do this configuration. In some exceptional cases, you may even be harmed.
Housing loan configuration calculation
While most of us do this calculation, we forget to add some hidden expenses to the calculation. For example, when you make your Home Loan Configuration, you have to pay the expert review fee you paid for your first home loan. Because this time you are dealing with another bank. The credit transactions you made before will not connect your new bank. You will pay a fine of 1% to 3% as you will close the loan early. For example, if you have taken 100,000 lira loan, you will be fined between 1,000 and 3,000 lira. Additional costs will be incurred on the file cost (for old and new credit), loan allocation fee and many other items. You can add all these together and calculate your remaining loan with new interest rates. It should provide you with at least 10% benefit. Otherwise, configuring does not make much sense. In this regard,
Housing loan configuration documents
In the past I have taken a housing loan, you can configure almost every bank configuration by making an application to the Housing Loans. For this, you need to present the following documents to your bank completely. In some cases, the bank may request additional documents or collateral from you:
- Residence paper
- Tax Board for Salary Payroll or self-employed
- Housing Ownership Deed
- Land Altitude Deed and Building Usage Permit Certificate
- Landscaping Deed and Photocopies of the Construction Permit
- Document showing that the loan was closed from the old bank
- And most importantly, your credit score is appropriate
Housing loan structuring – Refinancing
Since the interest rates used in housing loans can change 1-2 times a year, people who use loans may suffer from time to time due to the change in interest rates. Housing loan structuring can be done just at the same time and is requested from the bank. Let’s explain with a simpler example; For example, you used mortgage loan in 2018 and got a loan with an interest rate of 2.3%. But after 6 months, interest rates changed to 1.5%. In order to benefit from this discount and pay your remaining installments at the current interest rate, you can apply for a restructuring application, ie refinancing.
What is refinancing, how is it done?
In order to make this transaction, you must have some criteria stipulated by the bank. Most importantly, your credit score must be suitable for this. You make your mortgage loan application and the bank asks for some documents such as expert review report, counter bank’s closing payment document, application documents required for the new loan. If the documents are reviewed and your request is approved, your existing mortgage loan is structured. So at this stage, you need to get approval from both your old bank and your new bank.
This can be called briefly the process of carrying credit. You can forward this request to any suitable bank. You can request loan structuring from state banks and private banks. Thus, you will pay your installments at current and valid interest rates. But don’t let this mislead you. Because there will be additional costs for the new loan. You should do this calculation very well. Otherwise, it may even be a business injury.
Banks that structure housing loans 2019
Anyone who has the appropriate financial status and fulfills the conditions for housing loan structuring can make this transaction from any bank.
Generally, most banks this process looks hot in Turkey. You can request refinancing from many banks, especially banks such as Fraws bank, Halt bank, Quarts bank, Initial bank. Since the interest rates of each bank can be variable, you have the right to choose the most suitable one for your budget. Of course, you need to add additional costs to this calculation. When I say let me take advantage of the interest rates, you may come across a bigger payment table. You should pay attention to this and make a good calculation.