My First Home Loan is a housing financing option specially designed for individuals who aim to own a home for the first time. This loan aims to make homeownership more accessible with affordable interest rates and flexible payment terms. This loan, which can be applied by first-time homeowners, requires certain conditions and documents. In this article, we will discuss the terms of the first home loan, calculation options, and details of the application and disclosure process.
First Home Loan conditions
First home loan conditions include being a first-time homeowner, documenting regular income, high credit score, age limit and other conditions. Let’s take a closer look at all these conditions:
- First Time Home Ownership: In order to benefit from this loan program, the applicant must not have a residence registered in his/her name before. This requirement was introduced to encourage genuine first-time homeownership.
- Proof of Income: People who will apply for a loan must prove that they have a regular income. Banks want to see that applicants have the financial capacity to repay the loan. Therefore, documents such as payslips and tax certificates may be requested.
- Credit Score: An applicant’s credit score plays an important role in the credit evaluation process. People with high credit scores can get loans more easily and under advantageous conditions. Therefore, it is important to pay credit card debts regularly and fulfill other financial obligations on time.
- Maturity and Interest Rates: My First Home Loan is generally a long-term loan type. Payment plans of 10 years or longer may be offered. Interest rates may vary depending on market conditions and banks’ policies. However, they generally offer more affordable interest rates than other mortgage loans.
- Appraisal Report: It is mandatory to obtain an appraisal report to determine the value of the house to be loaned. This report is an important criterion when determining the amount of credit the bank will give.
- Age limit: You must be over 18 years of age to benefit from your first home loan.
How to apply for My First Home loan?
To apply for a First Home Loan, banks’ conditions and interest rates must first be researched. The most suitable offer should be selected by comparing the different offers offered by banks. In this process, you can benefit from OfferimGelsin’s first home mortgage loan calculation tool, which brings together all banks’ offers on a single page for you, and speed up the process.
The documents required for application are generally identity card, income certificate and residence certificate. You can apply with these documents by going to the bank’s branch or via online platforms. Online application saves time and speeds up the process. Providing accurate and complete information positively affects the loan approval process. You can complete the process in the most correct way by getting support from the banks’ customer services.
First Home loan calculation
The First Home Loan calculation process helps those who plan to own a home clarify their repayment processes. The main factors to be taken into account in this calculation are the loan amount, interest rate, maturity period and monthly installment amount.
It should not be forgotten that first of all, the value of the house to be purchased is determined and a loan can generally be taken up to 80 percent of this value. The remaining 20 percent will be paid as down payment. Interest rates vary depending on the offers offered by banks and can be fixed or variable.
The loan maturity generally varies between 5 and 30 years; As you extend the term, the monthly installments decrease and the total repayment amount increases. For example, if a loan of 400 thousand TL is taken with an interest rate of 1.20 percent and a maturity of 10 years, the monthly installment amount will be approximately 6 thousand 307.22 TL. The total repayment amount will reach 756 thousand 866.40 TL if this installment is paid for 120 months.
Therefore, when calculating your first home loan, it is important to create a payment plan that best suits your budget, taking into account the loan amount, interest rate, maturity period and monthly installment amount. In this process, comparing various offers offered by banks and choosing the most advantageous one plays a critical role in realizing the dream of owning a home.
If calculating your first home mortgage loan seems complicated and tiring, at this point you can benefit from OfferimGelsin’s calculation tools. In this way, you can view the offers offered by dozens of banks within minutes without going to the bank and easily decide which one suits you best. Moreover, you can complete all your application processes on the same page without having to go to the branch.
When will the First Home loan be announced?
Work continues on the 1.20 percent low-interest housing loan campaign, which is expected to be announced by President Recep Tayyip Erdoğan. However, no official announcement was made regarding the announcement date of this loan program.
After these studies are completed, the campaign is expected to take place in the Parliament and be on the agenda of the Turkish Grand National Assembly (TBMM) by the end of the year. It is important to follow the official announcements of the relevant ministries or banks to obtain precise information about the announcement date.