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MORTGAGE CREDIT LENDING
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18/05/2024
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MORTGAGE CREDIT LENDING
Can foreigners get a mortgage in Turkish banks? The law allowing foreigners to obtain mortgage loans in Turkey came into force in March 2007. Both commercial and state-owned banks in the Republic of Turkey issue mortgage loans to foreigners. The loan amount depends on the appraised value of the property. Applying for a loan takes from three to fourteen business days. A mortgage loan can be obtained by a foreigner aged 18 to 65 years. Loans are issued in euros, dollars, Turkish lira, British pounds and even rubles. The maximum size of a mortgage loan depends on the bank’s conditions, on average it is 250 thousand euros. Partial or full early repayment is possible with a commission of 2% of the repayment amount. List of documents for obtaining a mortgage loan by foreigners in Turkey - the applicant’s international passport and a photocopy with a notarized translation of the passport into Turkish. - a document confirming the applicant’s solvency. This can be a bank statement on the movement of funds in the current account for six months or a year, it can also be a certificate of income or (for entrepreneurs) reporting documentation for the last six months or a year -credit history data from the bank - confirmation of residential address.it could be a receipt (not very old, up to six months) for electricity or water. The main thing is that the receipt should indicate the applicant’s full name and his address of residence in his country. -Turkish TIN (individual taxpayer number) It is issued free of charge, during one visit to the local tax authority of the applicant’s city of residence - certificate of ownership (TAPU and its photocopy) for real estate purchased with a mortgage in Turkey. It is recommended to provide additional documents (if any), such as a certificate of ownership of the property, land, car, as well as documents of any other additional income. Remote loan processing Such transactions do not require the personal presence of the foreign buyer and are carried out by proxy. Purchasing real estate under construction with a mortgage Mortgage loans in Turkey are issued by banks only for ready-made, commissioned real estate that has an iskan (technical passport). If we are talking about a real estate property that is at the construction stage, then the condition of 80% readiness of the project at the time of registration comes into force. However, mortgages are not issued for apartments whose area is less than 50 square meters. Costs for obtaining a mortgageEdita will cost a foreigner approximately 1200-2000 euros. This amount will include expenses such as payment for the services of a sworn translator and notary, payment for an examination of the object, insurance and bank commission. 2021 betting Minimum mortgage rates for foreign citizens are: 4 – 9% per annum in euros. 8% per annum in dollars. 17 – 18% per annum in Turkish lira. The main Turkish banks that issue loans to foreign citizens: Ziraat Bank, Albaraka Bank, Kuveyt Türk Bank, iş Bank, VakıfBank, Garanti Bank, QNB Finansbank, HSBC, Akbank. Albaraka Bank and Kuveyt Türk Bank issue such loans only in euros. Foreigners with a Turkish residence permit and work permit are not issued loans in euros.
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