Mortgage loan is the type of loan applied by those who want to own a house. So can every applicant get the loan amount he wants? In line with the credit rating, applicants for housing loans can have the amount they wish. Individuals can learn their credit ratings through the e-government inquiry system.
What is a Credit Rating?
Credit rating is a system in which an individual is scored economically as a result of analyzing all transactions made through banks. In this scoring, credit cards, credit transactions and payment status of these transactions have an important place. Credit Registration Bureau to apply for credit calculation in the country. The Credit Registry Office was established as a result of the partnership of nine banks.
How is the Credit Rating Calculated?
Certain issues are taken into account when creating the credit score. The credit rating calculation is made over the percentages. The person’s credit rating; the payment method of the loans drawn, whether there is any other credit debt at the present time, the amount of the loan taken, how often applied to the loan, and so on.
What Should be the Credit Rating to Take Home Loan?
The credit rating of the person who wants to take a loan is checked first. Depending on the credit rating, the risk group of the person and the use of housing loans are determined. The first question that comes to mind for those who want to take a mortgage loan is the question of how many should they be.
- It is known that people with a zero credit rating had no previous contact with the bank. Since no information can be obtained by looking at the credit rating, there is a possibility of using a mortgage loan depending on the income of the person.
- People whose credit ratings are between 1 and 699 are in the most risky group. People who belong to this group are very unlikely to use mortgage loans.
- People with a credit score between 700 and 1099 are in the medium risk group. Even though medium-risk group members are unlikely to get a mortgage loan, the rate of getting a loan increases with the help of a guarantor or a mortgage.
- People whose credit ratings are between 1100 and 1499 belong to the less risky group. There is a possibility of getting a mortgage loan, both depending on income and through mortgages and guarantors.
- People whose credit ratings are between 1500 and 1699 have good status in terms of credit ratings. People in this group are more likely to get a mortgage loan. No guarantor or mortgage is required to obtain a loan.
- People with a credit rating between 1700 and 1900 have a very high rate of obtaining housing loans. These people do not need guarantors and mortgages for credit.
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Which Stages Are Passed When Withdrawing A Home Loan?
People applying for housing loans go through certain stages since the application process. During the housing loan application process, the pre-approval, approval, expertise and title deed are passed. This entire process is concluded within 3 to 10 business days.
What are the Documents Required for Housing Loan?
When the approval phase is reached in the process of taking home loans, the bank requests some documents from the person who will take out the loan. These documents differ from payroll employees and employees with tax plates. Payroll employees are asked for payroll, workplace signature circular and photocopy of title deed. The documents required for employees with tax plates are the tax plate, balance sheet income statement, activity certificate, signature circular and photocopy of title deed.