The mortgage allocation fee and the mortgage allowance fee for the housing loan are valid for the housing loans used in all banks. When housing loans are requested from banks, the bank requires certain transactions to secure itself. One of these is the mortgage transaction of the house to be purchased. In the mortgage loan calculation, mortgage allocation and voucher fees are also recorded in the cost items.
What is Mortgage?
The process of putting an annotation on the land registry in favor of a real estate, which is indicated by the borrower as the assurance that a debt will be paid, until the debt is collected by the real person or legal entity is called mortgage.
In the use of mortgage loans, the bank customers who want to buy a house require that the mortgage to be purchased as a bank guarantee will pledge the house. During the loan, the housing remains mortgaged to the bank.
What Is Mortgage Allocation Fee?
The mortgage loan expense is the payment of the payment from the loan user to the intermediary firm in the pledge facility transaction that the bank makes in return for the loan. The pledge process and facility fee stages proceed as follows;
- Legal status of the displayed real estate is researched and documented in the Land Registry Offices,
- A draft of an official deed is issued for the mortgage on behalf of the bank,
- Annotation is reduced to the land registry in favor of the bank (registration of the annotation to the land registry),
- Payments are made to paperwork in the land registry office,
- Documents prepared and official deed are approved through Notary Public,
- The amount paid to the firm undertaking the pledge transactions is collected from the person who will use the loan.
- This one-time fee is divided into monthly loan debt installments.
- It is shown in the annual cost rate.
Can Mortgage Facility Fee Be Taken Back?
Mortgage loan mortgage fee is a subject that has been the subject of controversy and has been brought to courts by various cases. According to a regulation published in the official newspaper, banks stated that the payments made to third parties in loan transactions can be collected from loan users if documented. These payment items are insurance, expertise and mortgage facility fees.
What is Mortgage Bond?
The mortgage facility, which the bank has built as a guarantee in housing loans, continues throughout the loan period. The rights of the people who use the loan on housing do not fully exceed the mortgage due to the credit debt.
Also, mortgages are not automatically removed when credit payments are completed. It is necessary to get a letter from the bank to remove the mortgage on the dwelled house. In order for the mortgage on the immovable property to be removed, the mortgage sentence must be reported to the deed.
By going to the bank, a document called mortgage receipt indicating that the debt is over can be obtained and the mortgage on the housing can be removed from the land registry office. The mortgage sentence article contains information that the credit user has no debt to the bank and that the right on the title deed can be lifted.
Here, some fee can be paid for the mortgage receipt letter to be received from the bank and for the transactions in the land registry office. The mortgage removal fee is free for some banks and some is as much as the mortgage allocation fee. Mortgage removal fee is called mortgage release fee. If an item such as mortgage receipt will be collected from credit users in banks’ loan agreements, the fee fee may not be paid.