As of 2019, the minimum wage was set at 2.020 TL and people working with minimum wage started to wonder how much credit they could withdraw. Employees in need of cash can use housing loans to own a house. However, the amount of credit varies from bank to bank and according to the employee’s credit rating.
Banks may sometimes refuse applications for people working at minimum wage in housing loans with a maturity of up to 10 years. This may be because your credit rating or record is low
When calculating the credit rating, the debt payments made by the individuals to the credit, credit card or overdraft account are taken as a basis. If the person has not paid his / her debts regularly or if the bank has previously applied foreclosures, the credit rating will be low and his / her record will not be good enough for the banks to give credit.
If you know that your credit rating is low, you can learn from this article how people with low credit ratings will get credit.
Minimum Wage and Credit Rating
If your credit rating is in the risky group, you may not receive housing loans even if you are a minimum paid employee. People who have not taken out a loan or used a credit card in the last 5 years can also receive a rejection from banks when they want to get a housing loan.
The Bank controls the payment habits of individuals in high amounts such as housing loans. In this case, it is important to have a high credit score in order to take out housing loans.
How much credit can I withdraw?
The minimum wage earners can pay up to 70% of their salary in installments when they wish to receive housing loans. The amount of the loan to be given and the maturity account are made in this way.
If this is the first time you will be taking out a loan, it will be better for you to take out a loan in the long term. Accordingly, an employee with a minimum wage of 2.020 TL can make a monthly installment payment of a maximum of 1.414 TL for a housing loan.
It is not possible to calculate the total loan amount as interest rates and credit terms vary from bank to bank.
On the other hand, although 70% of the minimum wage can be paid in installments, it may not be possible to live with the remaining amount for a month. Therefore, banks prefer to pay much lower installments. Most banks calculate installments up to half of the minimum wage. This means 1.010 TL monthly payment.
If your spouse is working at minimum wage and you are not the only source of income, you may be able to withdraw housing loans up to 100,000 TL. On the other hand, you can withdraw up to 60,000 TL on your own.
However, these figures may vary from bank to bank. If you wish to withdraw higher amounts of credit, the bank may ask you to provide surety or additional collateral.
Our article on how you can buy a home loan can give you more information about the process of the loan withdrawal process.