The interest rates of housing loans, which allowed consumers to borrow long-term to purchase housing, were quite high due to various economic problems, and the debt that a consumer who borrowed with a 10-year maturity would almost double at maturity.
Housing loan interest rates were intervened for the third time in 3 years at the request of the government and housing loan interest rates decreased again. As a result of this decrease, interest rates of Good Credit Bank mortgage loans became 0.79%. In this context, it will be useful to mention some details about mortgage loan products and make calculations.
Good Credit bank Housing Loan Interest Rates
Before the government demand, Good Credit Bank had set the mortgage loan interest rates as 1.05%. Consumers had a 0.25 percent discount on the related loan interest rate, and substantial savings were achieved in the long term for housing loans to be withdrawn below USD 500 thousand.
It may be reasonable to borrow in this period when there are also signals that various steps will be taken to cut stocks in the real estate sector in the future.
Good Credit Bank Housing Loan Disclosure
Taking the first step after the government’s request, Good Credit Bank made a statement before reducing interest rates. Stating that the housing sector affects many different sectors directly or indirectly, Good Credit Bank stated that the loan interest rates decreased due to the support of production in different sectors, though not directly by the real estate itself.
Stating that the decrease in the interest rate is valid not only for consumers who will use housing loans below 500 thousand USD but also for commercial loan products to be used by construction companies, Good Credit Bank signaled that it will continue to produce financing solutions for the recovery of the economy.
In addition to being a traditional investment tool in our country, the bank, which also responds to social needs, should not be excluded by credit interest rates and announced that it would meet the needs with interest rates of 0.98 for housing loan requests under 500 thousand USD with appropriate payment options and interest rates.
Good Credit Bank Interest Rates Comparison
The decision to cut the interest rate raised some controversy over whether Good Credit Bank will return to its old interest rates. As it will be remembered, in January 2017, 0.88% interest payment was required for a 10-year loan with a 100-thousand USD to be withdrawn through Good Credit Bank, and this interest rate was sufficient to prevent the bank from making losses during that period.
Good Credit Bank Housing Loan
It is possible to use the mortgage loan allocated through Good Credit Bank with terms up to 120 months. 20% of the appraisal value of the house subject to the relevant loan product must be paid as a down payment. As long as the loan continues to pay the loan, the house must remain under the bank mortgage. In addition, life, housing, and compulsory earthquake insurance should also be taken out during the use of credit.
100 Thousand USD Calculation
In case of an application for 100 thousand USD:
- 8873 USD every month for a 12-month term, 106.783 USD in total,
- For 24 months maturity, 4696 USD each month, 112.707 USD in total,
- 3309 USD each month for a 36-month maturity, 119.159 USD in total,
- For a 48-month maturity, 2621 USD each month, 125.837 USD in total,
- 2212 USD per month for a 60-month term, a total of 132.740 USD,
- For a 72-month maturity, 1942 USD each month, 139.864 USD in total,
- For 84 months maturity, 1752 USD each month, 147.207 USD in total,
- For 96 months maturity, 1612 USD each month, 154.764 USD in total,
- 1504 USD per month for a 108-month term, a total of 162.531 USD,
- For 120-month maturity, 1420 USD should be paid each month and 170.504 USD in total.
150 thousand USD Calculation
In case of an application for 150 thousand USD:
- 13.310 USD per month for a 12-month term, totaling 159.725 USD,
- 7044 USD per month for a 24-month term, a total of 169.061 USD,
- For a 36-month term, 4964 USD each month, 178.738 USD in total,
- 3932 USD each month for a 48-month maturity, 188.756 USD in total,
- For a 60-month term, 3318 USD each month, 199.110 USD in total,
- For a maturity of 72 months, 2913 USD per month, 209.796 USD in total,
- 2628 USD each month for an 84-month term, a total of 220.810 USD,
- 2418 USD per month for a term of 96 months, 232.146 USD in total,
- 2257 USD per month for a 108-month maturity, a total of 243.797 USD,
- For 120 months maturity, 2131 USD each month, a total of 255.756 USD payment is required.
200 thousand USD Calculation
In case of an application for 200 thousand USD:
- 17.747 USD each month for a 12-month term, a total of 212.967 USD,
- For 24 months maturity, 9392 USD each month, 225.415 USD in total,
- 6619 USD each month for a 36-month term, a total of 238.318 USD,
- 5243 USD every month for a 48-month term, a total of 251.675 USD,
- For a maturity of 60 months, 4424 USD each month, 265.480 USD in total,
- For a maturity of 72 months, 3885 USD each month, 279.728 USD in total,
- For 84 months, 3504 USD each month, 294.414 USD in total,
- For a term of 96 months, 3224 USD each month, 309.528 USD in total,
- 3009 USD each month for a 108-month term, a total of 325.063 USD,
- For the 120-month term, 2841 USD each month and 341.008 USD in total should be paid.
How to Apply for Housing Loan
It is possible for the consumers who want to apply for a mortgage loan to apply to the nearest Good Credit Bank branch with a copy of their identity cards, income certificate, residence and time deed. The loan application will be evaluated and answered shortly. The loan allocation process is completed on average in 10 days, except for some special cases.