When you decide to buy a house, you do a lot of research on the house in question, consider a number of factors until you are sure of your decision. If you want to buy the house using a mortgage loan, banks should also do a research based on certain criteria. According to the results of the research, a decision is made as to whether you will be given a mortgage loan in order to buy the relevant house. Well, what are the factors that cause this decision to be negative from time to time? How would you like to review the factors below so that your mortgage application does not result in negative results?
What is a Housing Loan?
Housing loan is a type of loan given to real persons and used to finance housing purchases. Since 2007, all housing loans are evaluated within the scope of mortgage. Thus, it is possible to get a mortgage loan within the framework of low monthly payment amounts and wide terms.
In Which Cases Is Your Housing Loan Application Not Approved?
In order to get a housing loan, your financial situation and the house you will buy must meet certain criteria. So what are these conditions? Let's take a closer look at these criteria.
Immovable Property
First of all, the immovable you want to buy must have a title deed, that is, it must have a title deed and the nature of the real property written on the deed document must be "residence / residence".
Location
The immovable property must be located within the municipality adjacent area due to its location.
Construction Level
In order for the immovable to be subject to credit, the completion level must be determined as 75% in the appraisal report.
Misinformation
When you apply for a mortgage loan, the expert sent by the relevant bank examines the house you want to buy. If the seller did not give you enough information about the house or misinformed you, your application may be rejected due to the negative evaluation in the expert report. At this stage, it will be beneficial for your purchase decision to obtain information from the seller about whether the property has been renovated, whether it is contrary to the architectural project, restrictive right such as a mortgage, demolition decision or similar records on the property.
Deed Transfer
It is not possible to use a mortgage loan for a house whose deed you have taken over before. For this reason, mortgage loan applications must be made before the title deed transfer.
Gift Housing
Due to legal restrictions, the title deed of the houses to be purchased with credit must be registered in the name of the person using the loan. In other words, it is not possible to extend loans for gift homes.
Credit Rating
It is a point value that contains information about your credit rating, solvency and habits. A low credit rating may cause your mortgage loan application to be rejected.
Income status
Housing loan is a type of loan that is used in higher amounts compared to consumer loans. For this reason, your income is also a decisive criterion for a positive result of your application. Your application may be considered negative for loan requests exceeding its solvency.
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