Is it possible to pay early in the housing loan? | Humbert Humbert.tr Blog
A mortgage loan, which is a type of loan frequently applied by people who want to own a house, allows us to reach the house of our dreams. In some cases, people who have used housing loans may consider closing housing loans before maturity. But most people have question marks at this stage in their minds. Does early payment in housing loans make sense? Is there a penalty fee when closed early? You can find the answer to these questions in our article.
Is there a penalty for early payment of housing loan?
In housing loans, a different system is applied compared to consumer loans, consumer loans and vehicle loans. When it is desired to close the housing loan with early payment in non-housing loan types, the total loan amount is reduced, while long-term housing loans are reversed. In case of early payment in housing loans, the consumer is subject to an early payment penalty.
According to the latest regulations, if the consumer has a fixed interest housing loan, the banks may impose an early payment penalty. Another point to consider here is whether your loan agreement includes “early payment penalty”.
What is the Early Closing Penalties in Housing Loans?
The penalty applied by the bank is called the penalty for early payment of housing loan if the consumer is paid the whole of the housing loan used or the installment payment before the due date, provided that it is not less than the monthly installment price.
In the penalty of early payment of the Ministry of Customs Trade, which is regulated by the Housing Finance Contracts Regulation; If the remaining debt of the consumer is less than 36 months, the bank imposes a maximum of 1 percent, and if the remaining debt of the consumer is more than 36 months, the bank shall impose a maximum penalty of 2 percent.
Why do banks impose an early closing penalty?
The reason banks apply this fine is; In the case of long-term housing loans, the long-term contract signed at the stage of lending is unilaterally broken and in this case the bank’s interest income is reduced.
What are the types of housing loans?
Housing loans are divided among themselves according to their types. Fixed interest housing loans are divided into three categories as variable interest housing loans and falling-increasing housing loans. Due to rapidly changing economic conditions, the most commonly used type of housing loan is fixed interest housing loan. Other types of housing loans are not preferred as much as fixed interest housing loans.