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Mortgage in Turkey
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17/05/2024
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Mortgage in Turkey
In Turkey, many foreigners buy property with a mortgage loan. This is a profitable way to get housing and pay for it monthly in small amounts. The features of Turkish mortgage lending include the following points: • the loan amount is usually 25 - 35% of the appraised value of the property, this figure may vary depending on the bank, conditions and documents provided by the foreigner; • property valuation is carried out by the bank; • the loan is issued from 1 year to 10 years; • minimum down payment – at least 40% of the cost of the property; • monthly payment should not exceed 50% of the client’s income level; • recipient's age – from 25 to 65 years (must be at the time of loan repayment); • the loan can be obtained in Turkish lira, euros, dollars; • early repayment of the loan is possible upon payment of a commission of 2%; • the interest rate is fixed throughout the entire payment period (rates vary from bank to bank); • real estate insurance against earthquakes; Documents for obtaining a mortgage loan: • International passport • Tax number • Certificate from employer about income for the last 3 months • Certificate of bank account (information about the movement of money in the account for 3 months) •credit history correction • Copy of TAPU(Title of Title) • Marriage or divorce certificate • Documents on the availability of additional income, if any. • Documents confirming the availability of real estate/car in your country • Conclusion of a bank appraiser on the value of the purchased object All documents must be originals, and their copies must be translated and notarized. Stages of obtaining a mortgage loan in Turkey: • Selecting a property to purchase with a mortgage. • Selecting a bank and preparing documents necessary for obtaining a mortgage loan. • Lending conditions and the required list of documents may vary depending on the bank, so it is better to check with the selected institution what documents are required. • Obtaining a tax number. At this stage, you will need to come to Turkey and contact the tax authorities, presenting your passport, to obtain a tax number. • Property valuation. An assessment of the value of real estate by an independent specialist takes about 3 working days, the procedure is paid and amounts to 1300 – 3000 TL. • Contacting the bank. Next comes the stage of registering rights to the property, after which a Certificate of Ownership with a mortgage note will be issuedeternal burden.
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