by Melih Alsaç
The process of obtaining a mortgage loan is a process that proceeds in certain steps and requires meticulousness at every stage. In this article, we will explain the process step by step, from the mortgage loan application to the title deed process.
1. Application and Eligibility Assessment
The mortgage loan process begins with an assessment of the applicant's financial situation and the suitability of the house to be purchased. Generally, the application is made through the bank and various documents are requested from the applicant at this stage.
Required Documents:
- Payroll Proof of income for working individuals.
- Tax Certificate: For the self-employed.
- Company Financial Documents: For company partners.
These documents show the income and financial health of the applicant. Banks use these documents to assess whether a person is eligible for a loan. In addition to salary, sources of income can be rental income, interest income or other asset income. The bank also considers the applicant's financial history and credit rating. This rating indicates the applicant's previous credit performance and financial reliability.
2. Housing and Land Registry
After the loan application is approved, the bank starts the valuation process. In this process, a photocopy of the title deed of the house is submitted to the bank. The appraisal process is carried out by the appraisal firms designated by the bank. As a result of this evaluation, the real market value of the house is determined.
Valuation Process:
- Appraisal Report: Determines the current market value of the property.
- Land Registry Review: The accuracy of the information on the title deed is checked.
Based on the outcome of the appraisal report, the bank approves the loan and presents the loan offer to the client.
3. Contract and Credit Utilization
If the customer accepts the bank's loan offer, a loan agreement is signed through a notary public. At this stage, the loan utilization process officially begins. The loan amount is determined according to the value of the house and the customer's credit limit.
Contract Stages:
- Loan Agreement: It is signed between the bank and the customer in the presence of a notary public.
- Credit Utilization: The approved loan amount is transferred to the accounts specified by the customer.
4. Title Deed Transactions and Loan Termination
The final stage of the mortgage loan process is the completion of the title deed procedures. In this process, the title deed of the house is transferred and the bank fully finalizes the loan utilization. With the transfer of the title deed, the house officially passes into the name of the customer.
Title Deed Process:
- Title Deed Transfer: The title deed is officially registered in the customer's name.
- Loan Termination: The bank disburses the loan in full and the process is completed.
Conclusion:
The process of obtaining a mortgage loan is a step-by-step process from application to title deed and requires attention at every stage. Submitting accurate and complete documents and responding to the bank's requests in a timely manner ensures that the process proceeds smoothly.
Frequently Asked Questions (FAQs)
1. What documents are required for a mortgage loan application?
Documents showing income status such as payslips, tax certificates, company financial documents are required.
2. How is housing valuation done?
The appraisal firms designated by the bank determine the market value of the house.
3. How is the loan agreement signed?
The loan agreement is signed between the bank and the customer through a notary public.
4. How is the title deed transferred?
The title deed is transferred at the land registry office and the title deed is registered in the customer's name.
and a series of steps leading up to the transfer of title deeds.
