Housing Loan Agreement Parties’ Rights!

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When applying for a loan, it is necessary to provide a pre-mortem information form before signing the loan contract. According to new regulations, pre-contract information form; it is obligatory to arrange it in a clear, plain, readable format with a size of at least 12 px, and to give a sample to the consumer on paper or with a permanent data recorder. In this way, the parties are aware of their rig.

ARTICLE 5 – (1) The pre-contract information form included in this Regulation; it is obligatory to arrange it in a clear, plain and readable format with a size of at least twelve pints and to give a sample to the consumer on paper or with a permanent data recorder.

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Pre-contract information form

ARTICLE 6 – (1) Housing financing establishments are obliged to furnish the pre-contract information form containing the conditions of the housing financing contract a reasonable time before the contract is established, including the following information:

a) Type of credit interest,

b) Title of the housing financing institution, MERSİS number, open address, telephone number, other communication information,

c) The duration of the housing financing agreement,

ç) The total amount of the loan and the wages, if any,

d) Distribution of total debt amount by principal, interest, tax, duties and similar legal liabilities and fees,

e) Information on whether the appraisal process for determining the value of the housing should be done, who is responsible for the execution of this process and whether it will create cost for the consumers,

f) Information on the opening of an account related to the housing financing agreement and the payment of the loan in case the credit is dealt with only in the case of this account, and in the case that there is no written request in contrast to the consumer,

g) Information on the default interest rate,

ğ) Information on the consid- eration of the guarantees to be demanded and the personal guarantees received in return for the acts of the consumer of these guarantees, if any under the name, shall be regarded as ordinary indemnity, and the personal guarantees given by the counterparty regarding the receivables of the consumer shall be consecutively indemnified,

h) A clear statement that the consumer can not insure in writing or with the permanent data recorder that the loan can be insured without the clear request, and that insurance services can also be obtained from a provider other than the housing financing institution,

ı) Information on immediate and free information of the consumer in case of a negative result of the loan request,

i) Information, if any, on the conditions of the housing finance institution's credit transfer to another housing finance institution or residence,

j) Information on the time before the contract will be binding for the housing finance organization,

k) Explanations on the differences between the definitions of credit types on which fixed, variable or fixed and floating interest rates are applied and the differences between these types of loans,

l) In fixed rate loans;

1) The effective interest rate and annual cost ratio,

2) The amount of each installment to be repaid according to the amount of credit to be used,

3) Information on the right of the consumer to pay early, the obligation of the housing finance institution to deduct according to the amount paid, and the early payment indemnity determined in accordance with the second paragraph of Article 37 of the Act,

4) The sample payment plan which will be prepared based on the loan amount requested by the consumer and two different term options,

m) Loans with variable interest rates and fixed and variable interest rates are applied together;

1) Information on the possible effects of financing on consumers,

2) Information on which periods and on which criteria the reference interest and indices which constitute the variable interest shall be determined,

3) The annual rate of reference interest and indices determined by the Central Bank of the Republic of Turkey,

4) The margin to be applied by the housing financing institution to these interest and indices,

5) Amount of monthly and annual repayment according to the amount of credit to be used,

6) The current or the current interest rate and the annual cost ratio, separately expressed for the initial and maximum interest rates,

7) Information on whether the early payment indemnity can not be obtained in the case of repayments made before the due date,

8) To be prepared at the current interest rate and the maximum interest rate applied by the home finance institution on the basis of the amount of money the monthly installments may change to exceed the maximum interest rate, the amount of the loan demanded by the consumer and the two different maturity options

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