Mortgage loans, which facilitate the purchase of housing, are among the types of loans frequently used by bank customers.
In the calculation of the housing loan expenses, loan repayments are calculated by the bank by adding the monthly interest rates applied to the loan amount, the 2019 rate and all costs applied to the loan amount according to the customer’s income, payment power and preferences.
Mortgage Facility Fee and Appraisal Fee
Unlike other loans, in housing and vehicle loans, the fee required for the mortgage of the movable and immovable property and the appraisal report, which is the most important factor in determining the loan amount to be given by the bank in the housing loans, are written on the cost items.
The mortgage facility fee is the fee written on the cost items by securing the house or vehicle to be purchased as a guarantee by the bank, in the mortgage throughout the loan, by collecting the expenses made to the mortgage company from the loan holder. Bank, housing, vehicle, firm, maturity period etc. fee varies according to. For example; While the pledge facility fee is 155,76 TL in Calk Bank housing loan expenses, it is 129,80 TL in Ziraat Bank.
The appraisal fee is the fee for the appraiser and the reporting costs sent by the appraisal firm, which the bank has agreed to determine the value of the dwelling, from the lender.
Although both fees are charged at once, the cost is calculated on a monthly basis first. It is then effectively included in the annual cost rate.
Another cost item applied by all banks in loans is the file or loan allocation fee. How much does the file cost ? As per the law, the file cost fee can be five per thousand of the maximum loan amount. Some banks do not apply for file charges.
Another cost item that varies according to loan type and bank policies is insurance expenses. Generally, life insurance is not compulsory, although it is wanted by banks.
Life insurance is the insurance that the bank obliges its customers during the loan in order to secure the loan provided by the bank in the event of the death of the borrowers, and the premiums to the insurance company, the age, gender, height, weight, loan amount, maturity, interest rate, etc. of the customer. It depends on many factors such as.
The housing insurance of the house to be purchased in the mortgage loan is compulsory, although not legal, by most banks. Fire, theft, accident, flood etc. within the scope of home insurance, damage situations such as.
Insurance fees vary according to the criteria of the bank and the insurance company. For example; The cost of housing insurance for Ziraat Bank Housing Credit is 180 TL.
Compulsory Earthquake Insurance (TCIP)
Compulsory earthquake insurance is a type of loan that is valid for every home and that banks have to make for their customers while giving credit. Premiums vary according to earthquake risks. It is added to the annual cost rate.
Taxes are also added to the credit file as a cost item. BSMV and KKDF are also compulsory fees.
- BITT : The Bank Insurance Transaction Tax, which the banks have to send to the finance, is collected by the borrower as 5% of the interest rate by law.
- KKDF : Resource Utilization Support Fund, on the other hand, is a type of fund that banks send to the treasury and is legally collected from their customers as 15% of the interest rate.
Annual Cost Rate
The Annual Cost rate is the combined sum of all costs written so far. How is the Annual Cost Rate calculated? What is the loan monthly cost rate?
Some cost items appear once a year, some monthly, and some annually. All costs are calculated on a monthly basis and benefit equally at the monthly Cost rate. Then, the annual Cost rate is calculated effectively.
The cost items mentioned above vary and vary in almost every bank. When you plan to get a mortgage loan, you should first check the interest rates of the banks. You should list the banks that offer the lowest interest rate, low interest or interest-free housing loans. Your next transaction should look at the banks’ cost items. In this way, when you control the transactions, the process of finding and getting the least cost-free mortgage loan becomes easier. You can calculate the loan amount you want with the Housing Loan Calculator on our site.
We recommend you to read our previous article, Vehicle Loan Interest Rates. You can browse the topics that may be of interest in our Vehicle Loans category.