Mortgage lending in Turkey it is equally in demand among Turks and foreigners. Taking advantage of the favorable conditions for issuing a mortgage, real estate can be purchased for relocation or recreation. Turkish banks are ready to lend a foreigner 30-50% of the value of the object.
Mortgage lending conditions
Clearance at customs mortgages takes no more than five days. Payments can be scheduled for 7-15 years. If the creditor repays the debt before the deadline specified in the contract, you will have to pay an additional fine. Penalties are fixed in the contract.
A foreigner aged 21-65 has the right to write an application to the bank for a loan for real estate. The maximum limit for borrowing money is 250 euros.
It is not possible to take out a loan during the construction phase. Mortgages are issued only for finished apartments. Developers offer another profitable option - installments for a couple of years.
The bank executes the transaction in the presence of the following documents:
- the buyer's international passport and a photocopy of the passport, translated into Turkish by a licensed translator and notarized;
- a paper confirming that the buyer has received a stable income, which is enough to pay off the monthly installment;
- a receipt indicating the address of residence of a foreigner, for example, for paying utility bills;
- Turkish tax number - assigned online on the website of the Tax Administration or when contacting the tax office at the place of residence of the buyer;
- TAPU housing and its photocopy.
To confirm solvency, it will not hurt a foreigner to bring documents for a car, cottage or other property that belongs to him in his homeland.
If it is not possible to personally be present at the time of applying for a loan, you can borrow real estate by entrusting your interests to a trusted person. Fraud in Turkey is rare. After all, the police strictly enforce the laws here.
How much will a mortgage in Turkey cost a foreigner
To get a property on credit, a foreign citizen needs to be prepared to pay 1200-1500 euros. This includes the services of a translator, notary, expert, members of the banking commission.
Appraisal expertise is carried out by appraisers, their work is estimated at 160 euros. Do not confuse market and appraised value - they are different concepts.
Another mandatory procedure is the registration of insurance against the threat of earthquakes. Insurance costs 150–250 euros annually.