May 25, 2024

Those who want to buy a house with a bank loan have to pay some down payment for the house in question. All banks can provide loans up to 80% of the appraisal value of the house to be purchased under normal conditions. The bank customer who wants to use a housing loan can use a loan up to a maximum of 80% of the appraisal value. In this situation, how do you get a home loan without a down payment? brings the question. How to get a home loan without a down payment? He is very curious about the answer to his question. In this article, how can you get a mortgage loan without a down payment? We will present the answer to the question.

How to Get a No Down Payment Home Loan?
When individuals apply to any bank to use a housing loan, the result of the application is looked at first. If the loan application result is positive, an expert will be directed to the house to be purchased by the bank. The appraiser analyzes the house to be purchased on credit with all its details and prepares a report. The appraisal report includes a lot of information about the house, as well as the estimated value of the house. The bank may extend a housing loan up to a maximum of 80% of the appraisal value to its customer. If you want to buy a house completely with a bank loan without using a down payment, there are some methods you can use. We think that you can understand the subject better by examining these methods under sub-headings.

Mortgage-free home loan
To use this method, you must have real estate that you can offer for bank mortgage. E.g; If you want to buy a house worth 200.000 TL, you will have to offer a real estate with a value over 200.000 TL to the bank mortgage. The Bank initiates the mortgage transactions if the real estate in question is appraised and its value is at the desired level. Thus, you can buy the house you want to buy using credit without paying a down payment. In this case, both your new house you bought and the mortgage of the real estate you have given to the bank will remain with the bank until your debt is paid. Both mortgages will be removed by the bank after your debt is cleared.

Home loan with no down payment against cash blockage
In this method, instead of giving an additional mortgage to the bank, you can leave some of your deposits to the bank. If we go through the example we gave above, you will need to deposit around 220,000 TL of your deposit to the bank from which you will use the loan. By putting a block on the said deposit, the bank ensures that the money stays with the bank until your debt is paid. After your loan debt is over, you can withdraw your cash from the bank, which is blocked in cash.

Home loan with no down payment
If you want the amount you will withdraw while using a housing loan to be equivalent to the purchase value of the house, you can provide this with the vehicle pledge method. Pledge can be applied to a single vehicle as well as to more than one vehicle. Let’s say you want to use a non-payment loan for a house worth 200.000 TL. In this case, you have to pledge one or more of your vehicles with a value over 200.000 TL to the bank. When using this method, the vehicle or vehicles to be taken hostage must have an insurance. If the vehicle or vehicles to be pledged do not have automobile insurance, first of all, these vehicles are provided with automobile insurance. Then, the bank initiates the pledge process and keeps your vehicle in pledge with the bank until your loan expires.

Housing loan with no down payment
This method is mostly used by self-employed, tradesmen, commercial firm/business partners or owners. These people have the chance to use checks or to receive checks from their customers in return for their commercial activities. In this method, in which housing loans without a down payment can be drawn together with the delivery of the checks that are not yet due to the bank, the total value of the checks must be at least the appraisal value of the house to be purchased. After the collection of overdue checks, the bank blocks the check equivalent. Blocking continues until the housing loan is completely terminated. After the bank loan expires, the blocked deposit against a check is also unblocked, together with the mortgage of the house purchased with the loan.

Other methods used to get a down payment mortgage loan
Individuals can also use other methods to take out a down payment mortgage loan. There are many methods that especially commercial company owners and partners can benefit from in this regard. Debt assignment is one of the most preferred methods in this context. Firms can give their debts from any other firm or official/private institution to the bank by way of assignment. In this case, people who have the right to use a housing loan without a down payment can buy the house they want to buy in return for a loan without making a down payment.

From time to time, banks provide loans without any down payment without any collateral from their productive customers. SME or commercial segment customers can use the credit limit they have at the bank for housing loan transactions without a down payment. E.g; Let X have a credit limit of 500.000 TL in bank A. If there is sufficient limit, the controlling partner or owner of the company in question can buy the house he wants with a bank loan without making any additional payments by using a housing loan without a down payment.

Benefits of beans
As you can see, there are many methods to use a mortgage loan without a down payment. These methods can be used not only alone, but also simultaneously with each other. E.g; If the value of the real estate you will give to the bank mortgage is less than the value of the house you will buy with a loan, you can also take out a down payment mortgage by using a cash blockage together with the real estate mortgage. This also applies to other methods. The important thing is that the amount of the guarantees given to the bank meets the appraisal value of the house to be purchased.

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