Great News for Home Buyers! New Joint Mortgage Program Launched

A significant development has emerged for those looking to purchase a home. Due to the challenges in home buying and the decrease in purchasing rates, a public bank has initiated a joint mortgage campaign.

Recently, it has become increasingly difficult to buy a home with a mortgage. High-interest rates and the restrictive credit policies of banks have significantly reduced the use of home loans. To alleviate this situation, a public bank has started a joint mortgage campaign.

According to this campaign, multiple individuals can declare their income and apply for a joint mortgage. But what are the details of this campaign? How much is the monthly installment? What is the interest rate? How many people can benefit from this loan? What happens if one of the parties cannot pay?

SIGNIFICANT DROP IN HOME LOANS

Real Estate Expert Mustafa Hakan Özelmacıklı explained the details to milliyet.com.tr, stating, "Recently, it has become difficult for citizens to access homes. The decline in mortgage sales continues. According to the housing sales statistics announced by TÜİK, mortgage sales in June decreased by 49.4% compared to the same month last year. The share of mortgage sales in total housing sales has dropped to 8.6%. This decrease in mortgage sales indicates how limited home purchases with loans have become."

DETAILS OF THE JOINT MORTGAGE

This situation directs citizens to alternative payment methods. A joint mortgage is a model where a minimum of 2 and a maximum of 5 people come together to use a home loan and purchase the property jointly. It is not necessary for all partners to take out a loan; some can take a loan while others can pay in cash. The important thing is that everyone must be in a financial position to pay their loan amount, and the value of the property must be verified by SPK-licensed firms.

HOW IS THE INTEREST RATE DETERMINED?

In such purchases, the property is owned with a joint title deed. The loan amount is determined by appraisal institutions authorized by SPK, and the loan amount limits set by the BDDK are also applied here. The main aim is to ensure that the loans are paid by the parties. This regulation came to the fore in the fourth month of this year and gained importance again with the decrease in mortgage sales.

EXAMPLE CALCULATION OF JOINT MORTGAGE

For instance, if a home loan of 2 million TL is used, with a monthly interest rate of 3.49% and a term of 120 months, the monthly payment would be 70,956 TL. If this payment is shared by 5 partners, each would pay an installment of 14,191 TL.

WHO WOULD WANT TO TAKE A JOINT MORTGAGE?

Who would apply for this loan? Typically, family members, as in the past, try to help each other buy a home. I anticipate that this campaign will also be supported by family members. Especially parents who want to help their siblings without homes or children who want to buy a property, as well as in-laws, can support their relatives in becoming homeowners.

WHAT HAPPENS IF ONE OF THE PARTIES CANNOT PAY?

When a joint mortgage is taken, if one of the parties has trouble making payments, the other partners need to cover the balance. In this case, the credit score is negatively affected.

Source: yenialanya.com