When you consider buying a property, financing is an important matter. Banks make it easier with their mortgage opportunities. Turkish banks supply mortgages to loanees up to 75% of the property value. The property value is audited by a sworn appraiser according to SPK (Turkish Capital Market Authority) regulations. This report contains a due-diligence, too. Read more about valuation reports.
You only may get a loan in your income currency in Turkey. If your income is TL, you may apply for a mortgage in TL. Click to see the list of properties with installments from construction companies.
Obtaining Mortgages in Turkey for a Foreigner
Foreigners may get a loan of up to 50% of the property value. Foreigners choose USD or Euro currencies as it is more advantageous than TL since it already contains inflation rates.
Generally, the mortgage process fails when a foreigner applies for credit because of the communication gaps and lack of knowledge. Antalya Homes helps you apply for credit, once you have chosen the property you want to buy. Before going to the bank, all documents need to be prepared in accordance with the application process.
Once you have the required documents, we will help you open a bank account and apply for a mortgage. You will receive "preliminary approval" roughly 3 days later. After this approval, the bank will send a valuation appraiser to the property when you pay the appraisal report fee. Depending on the reported value, you may get up to 50% credit. After the final approval, title deed conveyance process can begin.
Antalya Homes advises "leave the job to the professionals" if you will purchase a property with a mortgage in Turkey. It is many times proven that Antalya Homes manages the whole process very easily between the loanee and the bank.
Q: Do Turkish Banks supply mortgage loan for foreigners to buy a property?
A: Yes, foreigners who want to buy a property can get a mortgage from Turkish Banks.
Q: Who can get a mortgage from the banks in Turkey?
A: Everyone from any nationality can get a bank loan in Turkey. The buyer must be over the age of 18 and must have a regular income which can be proved. The people who got a mortgage in Turkey in the past and didn’t pay their loans can not get a mortgage again.
Q: What documents will I need to get a mortgage loan in Turkey?
A: Necessary documents when you want to get a mortgage from Turkish Banks are as listed below.
• Passport and Notary Translation
• Tax ID number, which we will help you to obtain
• Proof of your address. Valid documents include a Residence permit, or an ID card or utility bill that shows your address, and name. Water, electricity, gas, and internet utility bills are the most commonly used.
• Proof of your monthly income
• Bank statement showing your account activities in the last three months
• Title Deed of the aim property
Q: Which banks can I get a mortgage loan from?
A: Almost all of the banks in Turkey supply mortgage for foreigners. However, you should take interest rates into consideration before making your decision. Our agents will guide you to the best options of the day checking the current interest rates for you.
Q: How can I get a mortgage loan in Turkey? What are the steps of this process?
A: Once you choose your property and get the necessary documents ready, you apply for the mortgage at the bank. The bank will send you a preliminary approval within about 3-4 days. Afterwards, the bank will send their expert to the aim property for approximate market price evaluation. Following the expert assessment, your mortgage will be approved and we move on to the next step, title deed conveyance process.
Q: Is it advantageous to take a mortgage in Turkey?
A: It depends. If your residential country provides better interest rates of mortgage, it would be more advantageous for you. As the inflation rate is relatively high in Turkey, the interest rates are higher than most of the other countries.
Q: What are the interest rates for a mortgage loan in Turkey?
A: If you are a foreigner and earning in foreign currency, you can receive USD and Euro loans. The interest rates of foreign currencies are between 5% and 7%. Turkish Lira interest rates are between 11% and 15% annually. Banks prefer to supply the mortgage in the same currency as your income.
Q. What percentage of the sales amount can I get as a loan?
A: Banks in Turkey supply the mortgage up to % 50 of the sales price of the properties for foreign buyers.
Q: What are the date of redemption options?
A: Generally redemption dates vary between 60 and 120 months. However, you can choose 24 or 36 month periods if you prefer.
Q: Can I get a mortgage for an under-construction property?
A: No. Some banks may give mortgage after 90% of the construction is completed.