Some additional expenses are incurred when borrowing from a bank. If you know these costs before applying for a housing loan, you won’t be surprised, you can prepare your budget accordingly and not pay much. In this article, we will discuss the costs that you may face when you take out a mortgage with you and how to reduce these costs.
File charges are one of the most paid items when borrowing from the bank. In accordance with the new laws, banks offer loans without file charges. If there are no file charges in the file expense package, make sure that it is not reflected in the interest rate. The said ratio varies from bank to bank and is generally 1-2%. So if you receive a housing loan worth 500,000TL and the file cost is 1%, the bank will charge you 5,000TL. (Or it will reflect this as interest.)
One of the other important expenses is the expertise cost. This cost will determine the amount of credit to be given according to the cost of the house. In housing loans, the amount of credit granted cannot be the same as the approximate sales price of the house. The loan amount must be lower than the house price. This is called the mortgage loan rate . The utilization rate is about 50%. This means that you can get 50% of the value of the house you will receive. For example, if you plan to buy a house worth $ 400,000, the bank will give you about $ 200,000 worth of credit. The utilization rate can reach up to 75%. In this case, the appraisal firm should be inspected to determine the value and utilization rate of the house. The cost of the examination is taken from the credit recipient.
Your home will be foreclosed when you receive a loan from banks and you cannot pay the loan. Because when you take out a housing loan, you mortgage your house to the bank. This can be explained as follows. Let’s say you can’t pay your loan installments. The bank must somehow get back the money it gave you. An alternative solution is required because you cannot pay. In this case, the bank confiscates your mortgage home. The banks want the houses to have earthquake insurance as these may happen. In the event of an earthquake, the bank collects the cost of the house from the insurer. Therefore, TCIP is compulsory in all cases where housing loans are obtained.
Housing insurance is similar to TCIP. DASK is only an earthquake insurance. Housing insurance covers other situations such as flood and fire. Similarly, when the bank forecloses the house in return for mortgages, it requests the guarantee of the house.
Credit Life Insurance
Life insurance is an expense item that provides the remaining credit balance to be taken from the insurance company if the borrower dies. Life insurance is not only available for housing loans but also for other types of loans. Thus, in the event that the borrower dies without paying the loan installments, the bank receives the remaining loan amount from the insurance company.
One of the biggest expense items is loan interest. If you are considering obtaining a mortgage, it is important to follow the interest rates offered by banks. Because interest rates vary according to banks. Interest rates affect the total repayment amount of the loan.
In some cases, housing tax is included in the loan. The housing tax includes the tax you have to pay annually for the house you buy. When you take out a housing loan from the bank, the housing tax of the first year may also be an expense. This is not common, but may vary from bank to bank.
Purchase and sale costs are not actually included in the loan. But if you plan to buy housing, you should consider this expense item. Purchase and sale costs are usually paid by the tax authorities and will vary depending on the housing you will receive. You can still manage your budget by calculating approximately these charges when borrowing.