When Is It Advantageous To Configure Housing LoansOn November 10, 2019 by Shaun Wright
A statistics on the debts of the private sector has been shared in the past few days and the statistics did not draw a very pleasant picture. In this context, the effect of this debt in the private sector was not even for the citizens to live, and at least some arrangements were made for the structuring, registry amnesty and derivative so that consumers could pay their debts.
In this context, it is advantageous to construct a mortgage loan, how it is done, where to apply and its derivative issues will be useful.
What is Housing Loan Structuring?
The mortgage loan configuration is to re-sit with the bank and create a new payment plan once it is understood that the allocated debt cannot be paid. This payment plan is completely different from the previous one and an accounting record is created as if you were using a new loan.
Therefore, during the closing of the first loan, an early payment penalty must be paid, because the first loan was not paid on time, a change was made in the accounting records prepared by the bank for the future, and it was negatively impacted, though indirectly. The early payment penalty is one of the disadvantages of credit structuring and will be discussed in more detail below.
Housing Loan Structuring Conditions
The structuring conditions of the housing loan are slightly different from other loans, and this difference generally includes some adjustments in favor of the consumer.
Persons wishing to structure their housing loan must somehow demonstrate that they are unable to pay their debt, or want to take advantage of new interest rates due to lower housing loan interest rates. Therefore, if the mortgage loan interest rate is higher than the interest rate in the current period, the only solution is to prove that the debt cannot be paid. But if interest rates have dropped, it is a fairly simple application procedure.
How to Configure Credit?
There are two alternative service channels available to those wishing to make credit configurations.
It is possible for people who want to submit a housing loan structuring application through bank branches through the petition or with the request record created. The most important point to be considered here is for what reason the housing loan configuration was made. If a configuration application is made due to the low interest rates, it is absolutely necessary to request a configuration with the petition because if the bank refuses the configuration application, it will be a written document in order to present it to the consumer arbitration committee.
All those who want to submit a configuration application through the call center is to call the bank call center and discuss with the loan representative that it is desired to be structured. After the meeting, the demand record will be created and sent to the bank’s responsible unit for the configuration.
Regardless of which method is applied, the configuration requests are forwarded to the bank’s responsible personnel and these personnel analyze the debt payments made by the consumer in the past and future payments.
In this context, he calls the consumer’s mobile phone and discusses the details in order to propose a new payment plan for the future. If approval is given, payment of structured debt can be started as of the first month to come without the need to go to the bank most of the time.
Is Configuration Advantageous?
Whether the configuration is advantageous will depend entirely on what the application is submitted for. For example, if the application for structuring is transmitted due to falling interest rates, it will be profitable in any case, but if a structuring request is requested due to the failure to pay the debt, a good analysis is essential.
It is possible to make this analysis based on simple mathematical calculations and monthly total expenditures. If the loan debt cannot be paid in the current period, a short-term configuration request should be submitted for the next period as much as possible. You can calculate this maturity as follows; Think of all the expenses you have made during the month (excluding credit debt payment) from your income and try to dedicate 50% of it to loan installment payments.
In this way, you will have accumulated while making credit payments with your money, which can be kept idle every month. The term that makes this calculation possible for you is the configuration term that will allow you to get advantageous.