TeleMortgage | Online Mortgage Application for Foreign Property Buyers
Financing is an important matter when you consider buying a property. Luckily, banks in Turkey are making it easy with mortgage opportunities. Based on your income type, you can apply for USD, Euro, and TL. Foreigners who apply for mortgages in Turkey most commonly choose USD or Euro since it already has an inflation rate.
Many foreigners generally consider it hard to get a mortgage in Turkey. One of the main reasons is the communication gap between the bank and the loanee, because of the technical language that banks always use. The other one is the obligation to carrying important back and forth between the bank and government offices. When you are in a foreign country the second reason may seem especially confusing. That’s why in order to prevent possible difficulties, we offer a brand new system known asTeleMortgage!
How Does TeleMortgage System Work?
TeleMortgage is a basic system removing the need for you to be there in person for the application process. There are only 4 steps:
1. Choose your dream property with Antalya Homes ®. You can browse through our properties from here, or you can contact us and use one of our local expert's knowledge about the area.
2. After agreeing on the terms of sale, you can send the necessary documents. The documents are; • ID (Approved passport) • Tax number (You can learn more about how to get a tax ID number from our related page) • Address certificate • Income statement (Last months’ payrolls)
3. We make the application for your mortgage. You can learn the results within 24 hours and get your money!
4. When you come to Turkey, all you need to do is signing your KYC (Know Your Customer) papers for your mortgage.
TeleMortgage system works integrated with the TeleProperty system, removing the need for you to personally be here for long waiting periods. You don’t have to wait until you can come to Turkey to apply for a mortgage anymore.
Why Should I Use the TeleMortgage system?
Besides preventing long waiting processes and bureaucratic drudgery, the TeleMortgage system also offers:
• Quick bank account opening (learn advantages of the bank account opening in Turkey from here)
• You can use a mortgage easily, quickly, and without having to come by the country.
• You can use the mortgage as TL, USD, or Euro.
• You can be exempted from the RUSF (Resource Utilization Support Fund) and BITT (Banking and Insurance Transaction Tax) payments.
• You can use financing for up to 100% of the appraisal value of the property. (It starts from 50% and goes up to 100% if you can provide an additional real estate deed.)
• You can have term options up to 84 months and you can make repayments monthly in equal installments or inflexible installments suited for you.
• You can review your monthly profit rates.
FAQ – Frequently Asked Questions
Q: Do Turkish Banks supply mortgage loans 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: Anyone 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 cannot get a mortgage again.
Q: What documents will I need to use the TeleMortgage system? A: Necessary documents from the bank are; ID (approved passport), Tax number (you can learn more about how to get a tax ID number from our related page), Address certificate, Income statement (last months’ salary list).
Q: How can use the TeleMortgage system? What are the steps of this process? A: Once you sent us the necessary papers, by using our TeleMortgage system, we handle all the necessary steps for you. After 24 hours, you can learn the results of your application.
Afterward, all you need to do is signing your KYC papers when you are in Turkey.
Q: Is it advantageous to take a mortgage in Turkey? A: If your residential country provides better interest rates of mortgage, it may be more advantageous for you, but the inflation rate is relatively high in Turkey and the interest rates are higher than in most of the other countries.
Q: What are the interest rates for a mortgage loan in Turkey? A: If you are a foreigner and earn in foreign currency, you can receive USD and Euro loans. The interest rates of foreign currencies are between 5% and 7%. TL’s 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 mortgage up to 50-100% 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 mortgages after 70-90% of the construction is completed.
Q: Can I get a residence permit if I buy a property with bank credit? A: Yes. Bank credit helps you to finance your property purchase. You can get a residence permit even if you buy the property with bank credit.