Mortgage loan users are generally thought to be people who do not show income documents or have low credit ratings, but this is not the case. For example, in accordance with the law in practice, it is possible for consumers to take out loans with lower interest rates and much higher limits than usual if they mortgage the immovable assets in order to use a certain financing.
There are some special conditions and procedures set by banks for consumers who want to take out mortgage loans, but it is worth mentioning some details that should be known before using mortgage loans.
What to Know About Mortgage Loan Application
Consumers who apply for mortgage loans need to know that they can be from assets if they cannot pay their debts. This is very important because people who use mortgage loans generally use the mortgage opportunity to make a loan, such as cars, homes, etc., rather than making logical attempts to collect their debts in one bank and take advantage of the lower interest rates. can purchase goods.
Consumers who use mortgage loans should be aware of the benefit provided by low interest rate and high maturity and if they are to invest, they should prefer investment areas with high added value.
One of the most important details that consumers who will use mortgage loans on land should know is that the rate of financing from bank to bank may vary.
Mortgage Loan Advantages
The risk of non-repayment of land mortgage loans is almost non-existent and therefore interest rates are much lower than other loans. In addition, the Credit Guarantee Fund and its derivative intermediary intermediaries are not needed, so there is a serious decrease in taxes, so the cost of the loan to the consumer is significantly reduced.
In addition, it is possible to use up to 75% of the appraisal value of the plot with the plot mortgage loan.
How To Apply For A Mortgage Loan Application
Consumers who will apply for land mortgage loan must obtain land title deeds and submit a loan application through this document through the branch.
The bank that provides the document in question will assign an expertise and authorize it to conduct an investigation in the region. The expert in the region will transmit the report determining the real value of the land to the bank, and the consumer will be offered for financing that can be provided through this report.
If the proposal is accepted, a mortgage will be placed on the land through notary public and financing will be allocated.
As it is seen, consumers who want to use plot mortgage loan do not have a very different procedure to be followed, the bank carries out all necessary transactions after the application.
Mortgage Loan Application Requirements
There are some conditions that must be met by the land to be shown as a mortgage to the loan. These conditions are;
- The land is within the borders of the municipality,
- Determination of shares beforehand and no limitation,
- When it is wanted to be sold, it should be in an area where this can be easily done,
- It belongs to the applicant or family member.
Documents required for application:
- Birth certificate,
- Income certificate,
- Certificate of residence,
- Land appraisal report,
- Land title.
As an alternative to mortgage loans on our site, you can examine the section on home mortgage loan application here and also on this section regarding vehicle mortgage loan application.