Residential credit is one of the most widely used credit types in our country. However, the calculation of the monthly installments, interest and interim payments of the housing loan is a bit complicated. What is the form of housing loan and how is it calculated?
Housing Loan Calculation Method
The most common and easiest to calculate is the pay as you go spreadsheet. The loan amount, the interest rate and the installment amount to be calculated because the maturity is known. By formulating this calculation;
Installment Amount= Loan Amount x [interest x (1 + interest) ^Number of installments / (1 + interest) ^Number of installments – 1 calculated as.
Interest value to be used in the form is not the interest percentage but the interest rate. For example, if the monthly interest rate is 1%, it should be 0,01 in form and 0,0079 in 0,79%. If the payments are made every three months instead of once a month, the rate to be used must be three months simple interest, ie three times the given monthly rate.
Taxes can be levied on the interest paid on the basis of the type of the loan in our country. In this case, the tax must be added to the interest rate so that the account can be accurate. There is no tax on the housing loans. Tax calculations in foreign currency lending depend on exchange rate changes and are quite complicated. How much tax you pay can only be calculated exactly on the day of payment.