: 2018-02-20 Modified date : 2019-03-12
Some investors apply for bank loans in order to purchase a new property. Banks offer tempting offers to facilitate payment through convenient installments, but there are things to be aware of carefully before applying for a bank loan because there are many other expenses other than withdrawn loan installments, including the following:
Banks often collect administrative fees from those who wish to obtain a mortgage under the name of "file expenses", at a maximum of 5‰ of the value of the loan. This is a significant figure when the remaining expenses are taken into consideration.
Another amount is collected under the name of "expert expenses", which the amount is allocated to the expert or experts conducting an audit visit to the property to be purchased; the expert usually conducts real estate inspections to ascertain several technical and technical aspects. On the agreed price between the seller and the buyer. The loan amount shall be determined at a rate of 80% of the maximum amount of the purchase.
Also, attention must be paid to the expense of earthquake insurance, which is a very important expense. It is one of the mandatory expenses that must be paid because the property cannot be sold or purchased without paying this amount.
There are also other expenses such as real estate brokerage fees if the property is purchased through a real estate broker. It is customary to pay the real estate agent a commission for his efforts at 1% to 2% of the price of the property, paid separately by the seller and the buyer.
Finally, the instructions procedures title deed is an important item that must be taken into account before buying the property, because it is not a payment, as it is 2% of the price of the property, imposed by the state on both the seller and the buyer; It is customary in Turkey to charge the full fee to the buyer, i.e. the buyer pays 4% of the total value of the property as a fee for the real estate register. For example, if the price of the property is 200,000Turkish liras, the fee will be 8,000 Turkish liras.
Source: Hurriyet Magazine
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