May 25, 2024

What Should Be Considered Before Getting a Housing Loan? What Happens If It’s Not Paid?

We have millions of citizens who bought a house by taking a housing loan. While more and more citizens in Turkey enter the credit queue of banks, it is easily seen that citizens make extraordinary efforts to buy a house, but they cannot buy a house without taking a loan as a result of high prices.

Banks, on the other hand, use this situation for their own development, and together with the current interest rates, they organize housing loan campaigns for citizens up to 240 months and help them become homeowners by completing the missing amounts. However, today, they can forget that the house actually belongs to the bank until the debt is paid for the houses bought with a bank loan.

Banks, together with the annotation they put on the house, prevent the sale of the house by the customer until the loan debt is paid, and thus , the owner of the house cannot sell the house in any way until the debt of the house is finished or the loan is closed in advance.

What Happens If Home Loan Debt Is Not Paid?

Housing loan debt has to be paid regularly between 1 month and 240 months, depending on the maturity. However, in case of a possible situation that may occur, if you cannot pay the housing loan debt, the bank will give you certain warnings and warn you to pay this debt as soon as possible.

If the debt is not paid immediately after the bank first warns you to pay your 1st overdue loan debt, if the 2nd month’s debt is not paid on that day, it can apply for enforcement together with its legal lawyers and representatives. As a result of this, the bank, which has the right to demand that the housing loan be closed collectively, reserves the right to offer the option of restructuring to its customer. If the customer does not accept any option, the bank, which will sell the house at affordable prices, has the right to remove the owner of the housing loan or the tenant in the house.

Here’s What To Pay Attention To While Getting A Housing Loan

  1. Set as many monthly installments as you can afford
  2. If you think that your business may change considering the payment term, do not take out a loan.
  3. If you have a fixed income, take care to determine monthly installments as much as your fixed income.
  4. Take advantage of your bank’s special campaigns and choose the bank that gives more favorable interest.
  5. If you have active loans or debts, calculate to close your other debts with more loan amount by increasing the maturity of the housing loan and make the right decision.

As a result of paying attention to these suggestions, both you and your bank will be able to establish a good customer relationship and work very comfortably in the future.

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