Banks should ensure that the installment payments arising from the loans to be provided to consumers in accordance with the legal legislation of the not exceed a certain percentage of the income. http://www.gamrahels.net/2019/07/26/bad-credit-payday-loans-uk/ for more.
Therefore, there are some situations and exceptions to be considered when calculating the loan that can be withdrawn according to income. Someone with a salary of 2 thousand USD should have an idea when calculating the loan they can take, based on 50 percent of their salary.
How Much Credit Can I Take?
Due to the legal legislation, more than 70 percent of consumer income cannot correspond to loan installments, but due to external factors such as living conditions and inflation, banks calculate risk based on 50 percent of income.
Therefore, it should be paid attention that the installment payments that will arise from the loan do not exceed 50 percent of the income. For example, a person with an income of 2000 USD should assume that he can make a maximum of 1000 USD installments each month and calculate how much the maximum loan he can get.
Considering that the loan terms also change in terms of financing, a calculation should be made for the maximum loan that can be used. For example, consumer loans and vehicle loans can be used in installments up to 48 months, while housing loans can be paid in installments up to 120, 180 and even 240 months. For this reason, it is necessary to examine the loan that can be withdrawn in terms of credit separately.
How Much Need Loan Can I Get?
When the installment right arising from monthly income is limited to 1000 USD, that is, assuming that half of the income is fully transferred to loan installment payments:
- 12,000 USD in 12 months term,
- 24,000 USD in 24 months term,
- 36,000 USD in 36 months term
- 48,000 USD credit can be used in 48 months term.
The said amounts are not the main amount of money, but represent the total payment to be made to the bank along with the interest. If it is desired to use a loan with a higher limit, an application must be made by giving a guarantee which will be mentioned below.
How Much Vehicle Loans Can I Get?
Vehicle loans have a special requirement. 70% of the vehicle price up to 50 thousand USD and 50% of the remaining amount from 50 thousand USD can be credited. Assuming this is known, the maximum amount of vehicle loan consumers can use is:
- 12.000 USD for a 12-month term,
- 24.000 USD for a 24-month term,
- 36.000 USD for a 36-month term,
- It would not be wrong to say that there is 48.000 USD for a 48-month term.
Interest rates are not included in the calculation above, but they show the highest possible payment with the interest. It should not be forgotten that in order to use credit with this upper limit, the credit rating must be high and the income must be documented.
How Much Housing Loan Can I Use?
Housing loan terms can vary, but generally, when a calculation is made on the basis that banks offer housing loans with a maturity of up to 120 months:
- 24.000 USD for a 24-month term,
- 48.000 USD for a 48-month term,
- 72,000 USD for a 72-month term,
- 108.000 USD for 108 months maturity,
- For 120 months maturity, 120.000 USD housing loan can be taken.
Housing loans are exceptionally available at higher rates. Consumers wishing to use credit above this scale should have high credit ratings, be able to document SSI studies and revenues.
Increasing Maximum Limit by Giving Guarantee
If the consumers want to increase the credit limit they can use or want to eliminate the disadvantage caused by the low credit rating, they can choose the method of guaranteeing the bank. If movable or immovable property is presented as a mortgage or collateral, it is possible to reduce the risk arising from the loan that the bank will provide and thus use a higher limit loan.