If you are dreaming about having holidays in your own apartment or a villa in sunny Turkey and cannot afford it, then there is a way for you – just get a mortgage from a Turkish bank and make your dream come true. Here we offer your detailed information on how to do it.
Mortgage in Turkey
Since 2007 the Turkish banks offer mortgage services for foreign citizens. But please note that the mortgage is available only for buying property which is located in the regions where buying property by foreigners is allowed (these are Alanya, Antalya, Istanbul, Bodrum, etc). The procedure of getting a loan on buying a property in Turkey for foreigners is almost the same as for the residents of the country. There is even an opinion that it is easier to get a loan for foreigner than for a Turkish resident.
The amount that you can borrow can vary and it depends on the bank. Usually it is about 70 percent from the total cost of the property you are buying. And it can be issued in different currency: pounds sterling, US dollars, euros, or Turkish liras. The interest rate can be higher than in the UK. But very often it ranges from the situation on the mortgage market and it is fixed when signing the loan contract. The loan term can be up to 15 years. As for the income requirements, the payments on the mortgage and other personal loans cannot be more than 35 percent of your total earnings.
Documents required for getting a property loan
Here we offer you the list of required documents for the property loan in Turkey, but keep in mind that the Turkish banks have a right to change it: they can add some other documents or reduce the list.
So, you will need to provide the following documents:
- passport with a certified copy and translation into Turkish
- copy of Tapu (a certificate of ownership) of the object under which the loan is taken
- tax number (you can get in the nearest tax office)
- copy of the building's registration certificate which proves that the building really exists and is appropriate for living
- certificate of income or other documents confirming the income of the borrower
- document proving your bank account existence
- document which proves that you do not have any loan debts.
If you have any questions on getting a mortgage or buying property in Turkey, feel free to contact our specialists +90 (242) 512 20 32, +90 (536) 985 34 28.