Retirement Home Loan – How Much?
Banks make the conditions a little more difficult when giving loans to retirees. Most banks demand that the pensioner, whom he will give mortgage loan, get the pension from him. In addition, an age limit has been set for withdrawals to obtain a mortgage loan. A pensioner over 80 years old; they cannot get home loans from any bank.
What are the Requirements to be Provided for the Retirement Loan to be Used?
The conditions to be met in order to use the pension loan are:
- The pensioner who wants to take a loan should not be on the black list of any bank or have any legal proceedings started.
- Retirees who want to get credit should not be over 80 years old. However, some banks do not give loans to retirees over 75 years old.
- Pensioners who want to get credit; According to the loan amount and maturity option they want to receive, the monthly installment amount that they have to pay is calculated and this installment amount should not be more than half of the pension of the person.
- When the bank needs additional collateral from the person and the person has to mortgage a real estate; If the person is married, his wife must also give approval.
What are the Documents Required for Retirees to Get Home Loans?
Documents required for retirees to get home loans are as follows:
- Identification document of the person is required. As an identity document; The passport, driver’s license, identity card and temporary identity document are accepted by the banks.
- The person is required to submit a proof of income and because he is retired, a monthly pension is required.
- In order to confirm the address of the person, a residence document is required. Those who do not want to waste time getting a residence certificate; They must apply with an invoice registered in their name and address.
- The title deed of the residence that the person plans to buy is required.
What are the Features of Retirement Home Loan?
Features of retired home loan are:
- bank gives home loans to retirees, but if people receive their pensions through bank, they offer this opportunity.
- There is no loan allocation fee from retirees who will receive housing loans over bank.
- 1.40% interest is applied to the loans of people who want to get home loans over bank.
- To people who want to get home loan from bank; A term of up to 10 years is offered.
- Annual cost rate applied to the loans of people who receive home loans from bank; It is 18.43%.
- home loan to withdraw; Valid for houses that are not covered by urban transformation.