# Calculating Loans By Salary

Consumers can use only a portion of their income to make loan payments and this is clearly stated in the legislation. According to the legislation in force at the time of preparation, there is no obstacle to the provision of loans with installments payments to consumers that do not exceed 70% of the income, but although banks have the right to provide loans up to 70%, they usually take 50% of the income by taking into account livelihoods and other external factors. Concluded that it should be transferred to loan installments and started to allocate loans accordingly.

Therefore, consumers who are curious about the amount of credit they can take according to their salary should be based on half of their income when calculating loans.

## Maximum Withdrawable Loan Amount

When calculating the loan amount that can be drawn, an income must be based on. Based on the fact that more than 50% of the population working in our country work with minimum wage, it would be reasonable to calculate accordingly.

Loans provided by banks always differ in terms of interest rates and financing allocation fees. For this reason, it is necessary to know the maximum loan amount that can be made to banks, rather than the maximum loan amounts that can be withdrawn from each bank. Thanks to the decreasing interest rates and campaigns on a periodic basis, it will be better understood that higher amounts of loans can be withdrawn.

For example, it is possible for an employee with a minimum wage level of 1404 USD to pay a maximum of 702 USD in installments each month. In this case, there will be differences between the needs and vehicle loans that the employee can use with a 48-month term and the housing loan that can be used with a 120-month term.

## How Much Home Loan Can I Get?

Housing loans are a type of loan with differences from bank to bank and from firm to firm. In this context, consumers using various mortgage companies and construction companies can use housing loans with maturities of up to 240 months, while consumers who prefer banks for loans can use housing loans with a maturity of 120 months in general. In this context, a minimum wage that will transfer half of its income, ie 700 USD, to mortgage payments each month:

• 26,642 USD in 36 months term,
• 43.057 USD in 60 months term,
• It can attract 85.000 USD mortgage loan in 120 months.

These limits are the upper limit and show the maximum amount that can be paid to the bank with the interest rate. Employees who want to use credit in these amounts, which are maximum limits, should be able to document their income, work with SSI and have a high credit rating.

## How Much Needs and Vehicle Loans Can I Attract the Most?

Requirement and vehicle loan terms are limited to 48 as per the legislation and can be evaluated on the same scale as there is no change in the amount of loan that can be used in this context. When a minimum wage worker transfers half of his salary to installment payments:

• 8.537 USD in 12 months term,
• 16.941 USD in 24 months term,
• 25.684 USD in 36 months term,
• It can pay 34.313 USD in 48 months term.

It should not be forgotten that thanks to the decrease in interest rates or periodic campaigns, higher amounts of credit can be used and the sector should be followed.

## How Much Loan Can I Attract?

It will also be useful to mention how people should calculate how much credit they can take on their own, since the monthly income may vary after the sample calculations are included.

The consumers who will calculate the maximum credit limit that can be drawn should multiply the figure that occurs after taking half of their monthly income as the loan term. The figure encountered represents the total payment that can be made to the bank in the said term. For this reason, the total payment amounts to be made to the bank along with the interest should be examined and offers should be received accordingly.