When you are looking at investing in Turkish real estate, having the ready finance to pay for your purchase is an important priority. If you don’t have instant cash at hand, one option is to look at mortgages in Turkey for foreigners.
Specially designed for buyers of different nationalities, the streamlined process of applying for one is quick and easy. However, banks charge hefty interest rates, so there is another choice that doesn’t occur any interest at all.
Structured Payment Plans with Construction Company
Many people want to buy off plan, or new property in Turkey, in which case, construction companies often offer payment plans with 0% interest, that is structured over a time period of 6 to 60 months (5 Years).
Antalya Homes works with reliable and known construction companies in Antalya and around the country, and this process is easy and fast. All you need to do is choose your home and sign a sales agreement that will detail the payment terms and conditions.
As well as being interest-free, this method to finance your property purchase has many advantages including no file charges, and you can obtain your title deeds when you have completed a 60% or 70% down payment. (Please note, this choice is not available for resale properties.) Click to see the list of properties with credit from a construction company in Turkey.
Obtaining Mortgages in Turkey from the Bank
Many Turkish banks offer mortgages for foreigners, and Antalya Homes can help you to apply for one, once you have chosen the property you want to buy. Before going to the bank, all documents need to be prepared as in accordance with the application process.
• Passport and Notary Translation
• Tax ID number, which we will help you to obtain
• Proof of your address. Valid documents include a Residency 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.
Once you have those documents, we will help you to open a bank account and apply for a mortgage of which you will also need the following;
• Proof of income
• Last 3 months bank statement (In case you have your own company or business)
• Title Deeds of the property that you wish to purchase
You will receive "preliminary approval" roughly 3 to 4 days later, and the bank will send an expert to the property that you want to buy so they can value it (you need to know that there are some extra fees that should be paid the Bank). Following the expert assessment, the bank loan is approved, and the application for transferring the title deeds can begin.
For more information on structured interest-free payment plans from construction companies, or traditional bank approved mortgages in Turkey, contact us via email, telephone or by visiting one of our local offices around the country.