Mortgage in Turkey

Mortgage loan in Turkey for foreigners

Foreign citizens who do not have enough funds to buy real estate in Turkey can also become the owner of an apartment or villa by the sea, thanks to the mortgage lending system for foreigners.

TERMS OF OBTAINING A MORTGAGE LOAN FOR FOREIGN CITIZENS IN TURKEY

1. The maximum term of a mortgage loan for foreigners is 10 years;

2. The loan can be issued in Euro (EUR), Dollars (USD) or Turkish Lira (TL);

3. The maximum loan amount issued by the bank cannot exceed 50% of the appraised value of the real estate object (the appraised value does not always coincide with the selling value, it is determined by an independent expert on real estate appraisal sent by the Bank);

4. The amount of the loan is determined based on the assessment of the Buyer’s income according to the submitted documents (see below);

5. When applying for a loan for a period of 10 years, the interest rate is 0.54% per month (6.5% per annum); the rate is fixed for the Buyer for the entire loan repayment period;

6. Early repayment of the mortgage loan is possible, but in this case the Bank charges a commission of 2% of the remaining loan amount;

7. A mortgage loan can be issued only for the purchase of objects, the construction of which is 80% completed;

8. To pay monthly mortgage installments, you must open an account with a bank in Turkey;

9. The age of the Buyer wishing to obtain a mortgage loan must not exceed 65 years.

DOCUMENTS REQUIRED FOR REGISTRATION OF A MORTGAGE LOAN

1. A copy of the internal passport (including the page with the registration / registration mark);

2. Foreign passport;

3. Tax number of a foreigner obtained in Turkey;

4. An official document confirming the Buyer’s income for the last year (personal income tax certificate-2 for employees / documents for a company for owners of their own business); if there is a significant difference between the Buyer’s real income and the one stated in the certificate, it is possible to provide a document certified by the employer on the actual salary along with a document confirming the right of the signatory;

5. An extract from the bank on the absence of the Buyer’s debts and obligations (credit history);

6. Statement from the bank account where the Buyer’s salary is transferred for the last 3 months;

7. Documents confirming that the Buyer has real estate, bank accounts and other types of investment investments, if any.

All documents must be translated by a sworn translator in accordance with the requirements of the bank providing the loan.

ADDITIONAL EXPENSES WHEN APPLYING A MORTGAGE LOAN

1. Expenses for the appraisal examination of real estate (600-700 liras);

2. Agreement of compulsory real estate insurance against earthquake (DASK) and full insurance of the acquired object (KONUT SİGORTASI);

3. Translation services;

4. The commission charged by the Bank for the performed operation is equal to 2% of the loan amount.

An application for a mortgage loan, if all the necessary documents that meet the requirements of the Bank are submitted, are considered within 4-5 business days.