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Home Loan Calculation
Currently, credit products offered under the name of a home loan or Mortgage name are created by offering fairly long installments in order to make people homeowners in a general sense. Although interest rates have increased considerably in recent years, it is known that these interest rates have also been significantly reduced by the initiatives of both the state and institutions over the past two years. Now you can get a home loan with interest rates below 1%, but you also don't pay a lot of spending on these loans.

SEE ALSO: When do mortgage interest rates fall?

Normally, some banks can afford to spend a lot by doing eastern cunning, so to speak, you just don't have to take a lot of time for this kind of thing, and if you're a knowledgeable user, you can specify that you don't want this kind of thing in the mortgage loan calculation process.

As in today's article, we will strive to provide you with detailed information about the calculation of mortgage loans. If you also want to become a homeowner, you can continue reading our article and find a few things that you need to pay attention to in the way of calculating a mortgage loan, so that you can get less expensive loan products by acting towards them.

What Is A Home Loan (Mortgage)?

A home loan or Mortgage is a loan product offered by every bank wherever it is in Turkey; it is money given for the purpose of making people the owner of a home in a similar way that the name implies. While the government can give housing loans to some non-income segments without interest in certain periods, banks can also offer these loans at very low interest rates today.

While the principle of calculating the mortgage loan of each bank is different, we can also see that many organizations, in particular, reduce interest rates and focus on expenses. For example, while DASK insurance is one of the compulsory ones, life insurance is not compulsory in any way.

In this way, you may need to pay a little attention to things when buying a mortgage. Below, we also explained Whether you will address such things well when calculating a mortgage loan.

Is home loan calculation done well?
A lot of time banks can do the mortgage loan calculation process themselves through the buyer's representative. Even today, there are quite a few websites for calculating a mortgage loan, just in a fairly short way, you can also calculate a mortgage loan. Mandatory spending items offered to you on a home loan are as follows.

File spending
Assessment amount
Interest rate
Apart from these five fees, there are also non-mandatory expenses offered to you. These can be life insurance or major insurance items. It is possible and your right to refuse such things when you receive a loan.

By accumulating the above mandatory five mandatory factors, you can directly calculate the expenditure of your loan and the overall amount of debt. Just a lot of time, the fees for all information other than the interest rate vary according to the banks. For this reason, you need to first consult the banks to know these fees. After you get these details by going to a bank branch, you can perform a credit calculation with the desired loan amount.

For example, if you received a loan of £ 100,000 from and the interest rate is 1.14%. The total amount of interest you will pay on this loan is GBP 84,017.82. By adding to this the other four costs, you can find your total loan debt.

Home Loan Calculation Program

At home, instead of calculating manually, there are many credit calculation tools on the website or on the banks ' own sites today, and using such things you can find out the expenses of your mortgage loan, find out the amount you will pay in total.

Credit calculation tools available on banks ' websites can offer you the most reliable and up-to-date interest rates, spending amounts, and they ask you for little information. In the information that you will enter, there is only the maturity rate, type of loan, amount of loan that you want for a lot of time. When you click on the” Calculate " button, detailed information can be presented to you by the bank in a table.

Is the monthly amount of a mortgage loan determined well?

The factor that will be based on determining the monthly payment amount of the mortgage loan will not be your main amount. In addition to the main amount you want, the interest rate reflected on you and, of course, the expenses are added to this loan. This is your main debt.

You can find the monthly amount you will pay by dividing your main debt by as many months as you want. For example, assuming that you are using a home loan of US $ 100,000 from security, the total amount that security asks you for repayment for expenses is us $ 180,299.88. Assuming that you will pay this with a maturity of 120 months; you have a monthly payment of about $ 1,490.

It is also possible to perform calculations in this similar form from the above mortgage loan calculation programs, and it is much simpler than time.

SEE ALSO: What Happens if the Home Loan is not paid?

What Are The Necessary Documents For A Mortgage Loan?

For a mortgage loan, many banks can request different documents today, the ranking of documents that are only common and are mandatory for a lot of time is as follows. By taking such things with you, you will be able to get away with time.

Application form (can also be completed there).
ID card or driver's license, along with a photocopy.
Your payroll or any document showing your income.
A document from the Chamber of profession to which it is affiliated for those who have a profession.
If a decision has been made on the residence to be purchased, a deed or photocopy of the deed of that residence.
Similarly, except for the main documents, the bank may also request some additional documents from you.

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