A housing loan is a loan to support people financially in the purchase of housing. The housing loan is exempt from the taxes and can be provided with a maturity of up to 360 months.
The reason for these advantages specific to housing loans is to encourage people to buy housing. However, sometimes people need to restructure their housing loans. In the configuration process, there are also points to be known and paid attention. Thus, by providing the most advantageous configuration, it is aimed for the person to easily pay the loan.
How Does the Mortgage Structuring Process Work?
There are two different ways for those who want to structure housing loan debt. The first of the processes to be followed is the structuring process that the person uses to regulate the debts that he has difficulty paying. During the structuring process, credit debt and income status documents are transmitted to the bank. According to the evaluation results of the bank depending on the credit rating status of the person, the structuring process results in positive or negative results.
Upon the positive conclusion of the transaction, the bank applied to transfers the amount of the debt to the banks to which the person is indebted and takes the person’s debts into his / her protectorate. This transaction is also called as debt settlement loan. Thus, the loan is calculated over new rates and structured. When transferring credit to another bank, the former bank requests an early payment penalty from the persons. This penalty is equal to 0.20% of the principal.
The second way that the person who wants to restructure the loan debt will apply is to have the loan to be calculated from the low interest rate by waiting for the interest rates to decrease. By applying this transaction, the loan is shown to be closed by the bank in advance while the loan debt configuration is applied. Thus, the debt can be processed at new interest rates and the maturity process is realized again.
What is Considered When Building a Housing Loan?
- Although structuring a housing loan is beneficial to the individual, at some point caution should be exercised. The most advantageous situation should be preferred considering the extra costs that may arise.
- When the person wants to transfer the housing loan to another bank; the former bank may charge a 0.20% wage of the principal under the name of an early closing penalty, even if the bank to which it has applied covers the entire debt.
- In the process of credit restructuring, the person who chooses the bank with the lowest rate by getting offers from the banks enables him to find the most advantageous option. Calculation of mortgage interest rates of banks ensures that the most accurate option is found.
- All advantages and disadvantages should be calculated by the person when structuring a housing loan. Otherwise, the person may have to pay more as a result of the configuration. In these calculations, expenses such as file costs, early closing penalties should be included.
- It is possible to pay more favorable interest rates by following the campaigns of banks for those who want to restructure their debt. While the loan structuring process is in progress, a payment plan can be created and a 48-month term debt transfer can be provided.
What are the Benefits of Structuring Home Loan?
The advantages of the individual are taken into consideration when structuring the housing loan. The existing credit of the person is evaluated with lower interest rates as a result of the structuring. A decrease in the number of installments of a person’s housing loan may occur. Thus, payment is completed in a shorter time.
If the structured loan debt is not paid, you can visit the related page for information about what happens.