Articles on: Mortgage Calculator

What are the basic eligibility requirements for a mortgage?

You can get a mortgage loan if you meet the following requirements:

You must be over 18 years old.
You must not be more than 75 years old at the time your loan ends. For example, if you are 50 years old, the total repayment period cannot exceed 25 years) unless a younger guarantor is included in the loan agreement who will be younger than 75 at the end of the loan.
Your family's income must be sufficient and proportional to the amount you want to borrow and the monthly installment you will be asked to pay (If your monthly mortgage installment together with the total amount of your monthly installments on other loans and credit cards exceeds 40% of your declared income, you will probably need to appoint a guarantor).
In many cases, you will need to provide the bank with some form of security (a lien on real estate or a pledge of cash or securities) or a guarantor.
In most cases, you will have to provide a portion, albeit a relatively small portion, *of the money needed to purchase or build your home, since in most cases the bank will cover up to 80% of the value of the property.

Finally, your general transactional behavior will be assessed (e.g., timely payment of installments of previous loans, cards, etc.).

Updated on: 15/05/2023

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