The Process and Steps in Obtaining a Mortgage Loan

The process of obtaining a mortgage loan proceeds step by step. First, the loan is approved when the applicant and the suitability of the house are combined. Generally, the application is made through the bank and the necessary documents are requested.

Document Review and Personal Finances:

These are documents that show the financial status of the person. For example, a payslip if the person is employed, a tax certificate if the person is self-employed, or the company's financial documents if the person is a company partner. A person's income may come not only from their salary, but also from sources such as rental income, interest income or other asset income. These incomes need to be documented. The bank reviews these documents and also creates a credit score that measures your previous credit performance. This score determines your eligibility for a loan.

Housing and Land Registry:

The bank proceeds with the mortgage loan process for eligible customers. At this stage, a photocopy of the title deed of the house is submitted to the bank and the appraisal process begins. Once the appraisal process is complete, the bank approves the loan and makes a loan offer to the customer.

Contract and Credit Utilization:

If the customer accepts the offer, a loan agreement is signed through a notary public and the loan utilization process begins. The amount of the loan utilized is determined depending on the value of the house and the customer's credit limit.

Title Deed Transactions and Loan Termination:

In the final stage, the title deed process is completed and the bank finalizes the loan and officially transfers the property into the customer's name. The mortgage loan process thus consists of a series of steps, starting with the application and ending with the title deed transfer.