10.12.2025 09:56
The process for citizens who will use a loan to own a home requires careful and detailed analysis. In addition to the interest rates offered by banks, hidden costs that will come out of the consumer's pocket can shake your budget. Here are 8 critical points of golden value that you need to know before taking out a loan.
While the housing market remains active, citizens looking to take out loans to buy a home need to be cautious. Experts emphasize that the interest rates announced by banks alone are not sufficient, and consumers should thoroughly examine the "hidden costs" before signing loan agreements.
DON'T BE FOOLED BY THE ADVERTISED INTEREST RATE: THE REAL INDICATOR IS 'ANNUAL EFFECTIVE INTEREST'
Although many banks offer similar interest rates, the total cost of the loan can vary significantly when file fees, appraisal costs, and insurance premiums are included. Experts recommend that during the decision-making process, consumers should focus on the total repayment amount at the end of the loan term and the annual cost rate instead of the monthly installment.
REQUEST A CLEAR AND SINGLE-PAGE COST LIST FROM THE BANK
Some banks may include non-mandatory additional services in their loan packages. To avoid unexpected expenses, consumers are advised to request a single-page cost list that clearly specifies mandatory and optional products. This way, it becomes clearer which items are legal obligations and which are sales strategies.
CHECK THE COVERAGE LIMITS IN INSURANCE POLICIES
While DASK and home insurance are mandatory for housing loans, the coverage limits are of great importance. Due to rising construction costs, it is essential to check whether the policies cover the current reconstruction cost. It is recommended to increase the coverage limits if necessary, even with small differences.
RIGHT TO OBTAIN INSURANCE EXTERNALLY: THE ADVANTAGE OF 'Daini Mürtehin'
Although banks tend to automatically renew insurances, consumers have the right to obtain the policy externally. It is noted that price quotes can be obtained from different agencies for more affordable offers, and if the bank is added as "Daini Mürtehin (pledge creditor)" to the policy, the insurance obtained externally can be accepted by the bank.
CREDIT CARD IS NOT MANDATORY: REQUEST A NO-FEE CARD
It is not a legal obligation for banks to offer credit cards as part of cross-selling during the loan process. Consumers who want to obtain a card are advised to specifically request a no-fee card. Otherwise, the annual card fee will also be added to the loan cost.
THE '40 PERCENT RULE' IN INCOME-INSTALLMENT BALANCE REMAINS IMPORTANT
Banks pay attention to ensure that the loan installment does not exceed 40% of the monthly income. However, experts point out that the bank's approval does not guarantee the consumer's repayment ability. Citizens are advised to insist on an installment amount that will not strain their living standards by planning their budgets.
QUESTION REFINANCING (RESTRUCTURING) OPTIONS FROM THE START
According to information compiled by the Real Estate Agenda, due to the variability of economic conditions, a loan taken out at a high interest rate today can be transferred to another bank if interest rates decrease in the future. However, refinancing conditions vary from bank to bank in 2025. Therefore, it is important for consumers to learn about the transfer conditions at the beginning of the loan process.
REVIEW THE EARLY REPAYMENT PENALTY
When there is a lump sum of money, the possibility of early repayment of the loan may arise. In some types of loans, additional costs or compensation may be requested in case of early payment. Therefore, it is recommended to carefully examine the early repayment clauses in the contract.